Guideline Value for Nehru Nagar 2nd Street

Nehru Nagar 2nd Street guideline value

The current guideline value of Nehru Nagar 2nd Street, located in Pallipattu village under the Adayar SRO, is Rs 9,400 per sq.ft, effective from 1 July 2024. This street is classified as Residential Special Type - I.

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

The guideline value for Nehru Nagar 2nd Street has seen several revisions over the years. In 2002, the guideline value was Rs 1,534 per sq.ft, which increased to Rs 1,677 per sq.ft in 2003, marking a change of +9%. The value continued to rise significantly to Rs 6,240 per sq.ft in 2007, showing an increase of +272%. Following this, the value adjusted to Rs 8,500 per sq.ft in 2012, reflecting a decrease of -33%. The next revision in 2017 set the value at Rs 5,695 per sq.ft, showing a change of +49% from the previous figure. The guideline value then increased to Rs 8,500 per sq.ft in 2023, before reaching the current value of Rs 9,400 per sq.ft in 2024, which is an increase of +11%.

Overall, from 2002 to 2024, the guideline value has increased by +513%. The register has no figures for the years not mentioned in this summary.

Guideline values in Pallipattu

Pallipattu village has a range of guideline values across its 72 streets under the Adayar SRO. The 2024 guideline values for these streets range from Rs 3,300 to Rs 15,400 per sq.ft, with the median being Rs 9,400 per sq.ft. Nehru Nagar 2nd Street's 2024 figure aligns with this median.

• Nehru Nagar 2nd Main Road: Rs 9,400 per sq.ft (2024)
• Nehru Nagar 2nd Cross Street: Rs 7,700 per sq.ft (2024)
• Nehru Nagar 3rd Main Road: Rs 9,400 per sq.ft (2024)
• Nehru Nagar 3rd Street: Rs 9,400 per sq.ft (2024)
• Nehru Nagar 1st Street: Rs 9,400 per sq.ft (2024)
• Nehru Nagar 1st Main Road: Rs 9,400 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 9,400 per sq.ft, the total guideline value would be Rs 94,00,000. The stamp duty at 7% would amount to Rs 6,58,000, and the registration fee at 2% would be Rs 1,88,000, resulting in a total of Rs 8,46,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Nehru Nagar 2nd Street?

The Sub Registrar Office that covers Nehru Nagar 2nd Street is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. You can find your SRO for further assistance.

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

The guideline value is a crucial factor during the registration of property transactions in Pallipattu. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction, ensuring that both buyers and sellers are aware of the financial obligations involved.

When a property is sold, the guideline value helps in establishing the minimum value for taxation purposes. This means that the registration office will use the guideline value to calculate the necessary fees, which can impact the overall cost of the transaction.

Frequently asked questions

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

The current guideline value of Nehru Nagar 2nd Street is Rs 9,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,534 per sq.ft in 2002 to Rs 9,400 per sq.ft in 2024, showing an overall increase of +513% over the years.

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

Nehru Nagar 2nd Street is classified as Residential Special Type - I.

Where can I find the Sub Registrar Office for Nehru Nagar 2nd Street?

The Sub Registrar Office for Nehru Nagar 2nd Street is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.

How is the stamp duty calculated for properties in Nehru Nagar 2nd Street?

The stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the total guideline value would be Rs 94,00,000, leading to a stamp duty of Rs 6,58,000.