Guideline Value for Nehru Nagar 2nd Main Road

Nehru Nagar 2nd Main Road guideline value

The current guideline value of Nehru Nagar 2nd Main Road 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, with a land classification of Residential Class II Type - III.

How the guideline value of Nehru Nagar 2nd Main Road has changed

The guideline value for Nehru Nagar 2nd Main Road has seen several revisions over the years. The 2012 revision set the value at Rs 3,500 per sq.ft, which decreased to Rs 2,345 per sq.ft in the 2017 revision, marking a decline of 33%. However, the 2024 revision has increased the guideline value to Rs 3,850 per sq.ft, representing a significant increase of 64% from the 2017 figure.

Overall, from the 2012 revision to the 2024 revision, there has been a slight increase of 10%. It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2023 for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. The guideline value of Nehru Nagar 2nd Main Road is below this median.

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

Stamp duty and registration fee for property in Nehru Nagar 2nd Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty, charged at 7%, would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total fees to Rs 3,46,500. Duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nehru Nagar 2nd Main Road?

The Sub Registrar Office that covers Nehru Nagar 2nd Main Road is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is an important factor in the registration process of property transactions in Velachery. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling property, the guideline value helps both buyers and sellers understand the official valuation of the property. This value is used to calculate the stamp duty and registration fees, which are essential components of the property transaction process.

Frequently asked questions

What is the current guideline value of Nehru Nagar 2nd Main Road?

The current guideline value of Nehru Nagar 2nd Main Road is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2012 to Rs 2,345 per sq.ft in 2017, and then increased to Rs 3,850 per sq.ft in 2024.

What is the land classification for Nehru Nagar 2nd Main Road?

Nehru Nagar 2nd Main Road is classified as Residential Class II Type - III.

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

The stamp duty is charged at 7% and the registration fee at 2% of the guideline value or sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the total fees would be Rs 3,46,500.

Where is the Sub Registrar Office for Nehru Nagar 2nd Main Road located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.