Guideline Value for Nehru Nagar 2nd Cross Street

Nehru Nagar 2nd Cross Street guideline value

The current guideline value for Nehru Nagar 2nd Cross Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO. The land classification for this area is Residential Class II Type - III.

How the guideline value of Nehru Nagar 2nd Cross Street has changed

The guideline value for Nehru Nagar 2nd Cross Street has undergone several revisions over the years. The earliest recorded revision was in 2007, setting the value at Rs 1,500 per sq.ft. This figure increased significantly to Rs 3,500 per sq.ft in 2012, marking a 133% rise. However, the value dropped to Rs 2,345 per sq.ft in 2017, reflecting a decrease of 33%. The most recent revision in 2024 has seen the guideline value rise again to Rs 3,850 per sq.ft, which is a 64% increase from the 2017 figure.

There are no recorded guideline values for Nehru Nagar 2nd Cross Street in the years 2023, 2003, and 2002. Overall, from 2007 to 2024, the guideline value has increased by 157%.

Guideline values in Velachery

In Velachery, there are a total of 2,691 streets registered under the Velacheri SRO, with guideline values for 2024 ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, positioning Nehru Nagar 2nd Cross Street's 2024 figure below that median.

• Nehru Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Nehru Nagar 2nd Main Road: Rs 3,850 per sq.ft (2024)
• Nehru Nagar 1st Main Road: Rs 3,850 per sq.ft (2024)
• Nehru Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Nehru Nagar 3rd Cross Street: Rs 3,850 per sq.ft (2024)
• Nehru Nagar 1st Cross Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Nehru Nagar 2nd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, while the registration fee at 2% would be Rs 77,000, bringing the total cost to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nehru Nagar 2nd Cross Street?

The Sub Registrar Office that covers Nehru Nagar 2nd Cross Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your specific SRO, you can visit find your SRO.

How the guideline value is used when you buy or sell in Velachery

The guideline value is a crucial figure used during the registration process when buying or selling property in Velachery. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that these charges are based on a standardized value set by the government.

When a property is sold, the higher of the sale price or the guideline value is taken into account for calculating the stamp duty. This ensures that the government receives appropriate revenue from property transactions, maintaining transparency and consistency in the real estate market.

Frequently asked questions

What is the current guideline value for Nehru Nagar 2nd Cross Street?

The current guideline value for Nehru Nagar 2nd Cross Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Nehru Nagar 2nd Cross Street has changed from Rs 1,500 per sq.ft in 2007 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 157% over the years.

What is the land classification for Nehru Nagar 2nd Cross Street?

The land classification for Nehru Nagar 2nd Cross Street is Residential Class II Type - III, indicating its suitability for residential purposes.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Where is the Sub Registrar Office for Nehru Nagar 2nd Cross Street located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042, and it covers Nehru Nagar 2nd Cross Street.