Guideline Value for Nehru Nagar 3rd Street

Nehru Nagar 3rd Street guideline value

The current guideline value of Nehru Nagar 3rd Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - III.

How the guideline value of Nehru Nagar 3rd Street has changed

The guideline value for Nehru Nagar 3rd Street has undergone several revisions over the years. The oldest recorded revision is from 2012, where the value was Rs 3,500 per sq.ft. This was followed by a decrease to Rs 2,345 per sq.ft in the 2017 revision. The most recent revision in 2024 shows an increase to Rs 3,850 per sq.ft, marking a significant change of +64% from the 2017 figure. Overall, from 2012 to 2024, the guideline value has increased by 10%.

It is important to note that the register has no figures for the years 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. The median value is Rs 4,400 per sq.ft, placing Nehru Nagar 3rd Street's 2024 figure below this median.

• Nehru Nagar 4th Cross Street: Rs 3,850 per sq.ft (2024)
• Nehru Nagar 4th Street: Rs 3,850 per sq.ft (2024)
• Nehru Nagar 3rd Cross Street: Rs 3,850 per sq.ft (2024)
• Nehru Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Nehru Nagar A.L. Mudali 1st Street: Rs 3,850 per sq.ft (2024)
• Nehru Nagar 2nd Main Road: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Nehru Nagar 3rd Street

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 at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total costs to Rs 3,46,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nehru Nagar 3rd Street?

The Sub Registrar Office that covers Nehru Nagar 3rd Street 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 plays a crucial role in 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 at the time of registration.

When a property is sold, the buyer must ensure that the sale price is at least equal to the guideline value to avoid any discrepancies during registration. This ensures that the transaction is documented accurately and complies with the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value of Nehru Nagar 3rd Street?

The current guideline value of Nehru Nagar 3rd 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 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. This reflects a +64% increase from 2017 to 2024.

What is the land classification of Nehru Nagar 3rd Street?

Nehru Nagar 3rd Street is classified as Residential Class II Type - III, indicating its designation for residential use.

Where can I find the Sub Registrar Office for Nehru Nagar 3rd Street?

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

How is stamp duty calculated for properties in Velachery?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 38,50,000 would incur a stamp duty of Rs 2,69,500 at a rate of 7%.