Guideline Value for Nehru Nagar Kannagi Street Lane I

Nehru Nagar Kannagi Street Lane I guideline value

The current guideline value of Nehru Nagar Kannagi Street Lane I 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 Kannagi Street Lane I has changed

The guideline value for Nehru Nagar Kannagi Street Lane I has seen several revisions over the years. The earliest recorded figure is from 2012, which was Rs 3,500 per sq.ft. This was followed by a decrease to Rs 2,345 per sq.ft in 2017. In 2023, the value increased to Rs 3,500 per sq.ft, and the latest revision in 2024 set it at Rs 3,850 per sq.ft. The register has no figures for the years 2002, 2003, and 2007.

Between the revisions, notable changes include a 10% increase from 2023 to 2024, and a significant 49% increase from 2017 to 2023. However, there was a decrease of 33% from 2012 to 2017. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO, with guideline values for 2024 ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, positioning Nehru Nagar Kannagi Street Lane I below this median.

• Nehru Nagar Kambar Street: Rs 3,850 per sq.ft (2024)
• Nehru Nagar Kannagi Street Lane Ii: Rs 3,850 per sq.ft (2024)
• Nehru Nagar Kannagi Street Lane Iii: Rs 3,850 per sq.ft (2024)
• Nehru Nagar Kamarajar Street (Alias) T.N.H.B 5th Avenue: Rs 6,050 per sq.ft (2024)
• Nehru Nagar Kannagi Street Lane Iv: Rs 3,850 per sq.ft (2024)
• Nehru Nagar Kamarajar Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Nehru Nagar Kannagi Street Lane I

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, while the registration fee at 2% would be Rs 77,000, bringing the total to Rs 3,46,500. Please note that 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 Kannagi Street Lane I?

The Sub Registrar Office covering Nehru Nagar Kannagi Street Lane I 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 a crucial factor in the registration process of property transactions in Velachery. It serves as a benchmark for determining the stamp duty and registration fees that must be paid when a property is bought or sold.

When you register a property, the guideline value is assessed to ensure that the transaction reflects the current market conditions. This helps maintain transparency and fairness in property dealings, ensuring that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Nehru Nagar Kannagi Street Lane I?

The current guideline value of Nehru Nagar Kannagi Street Lane I 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, then back to Rs 3,500 per sq.ft in 2023, and finally to Rs 3,850 per sq.ft in 2024.

What is the land classification for Nehru Nagar Kannagi Street Lane I?

The land classification for Nehru Nagar Kannagi Street Lane I is Residential Class II Type - III.

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

The stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total stamp duty and registration fee would amount to Rs 3,46,500.

Where can I find the Sub Registrar Office for Nehru Nagar Kannagi Street Lane I?

The Sub Registrar Office for Nehru Nagar Kannagi Street Lane I is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.