Guideline Value for Nehru Nagar Lake View Street

Nehru Nagar Lake View Street guideline value

The current guideline value of Nehru Nagar Lake View 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 falls under the Residential Class II Type - III land classification.

How the guideline value of Nehru Nagar Lake View Street has changed

The guideline value for Nehru Nagar Lake View Street has seen several revisions over the years. The 2007 revision set the value at Rs 1,500 per sq.ft, which increased significantly to Rs 3,500 per sq.ft in 2012. However, this value saw a decrease to Rs 2,345 per sq.ft in 2017. The subsequent revisions brought the value back up, with the 2023 revision at Rs 3,500 per sq.ft, and the latest 2024 revision marking a 10% increase to Rs 3,850 per sq.ft.

In summary, from 2007 to 2024, the guideline value has increased by 157%. The changes from 2012 to 2017 saw a decline of 33%, while the jump from 2017 to 2023 was a significant 49% increase.

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 in this area is Rs 4,400 per sq.ft, indicating that Nehru Nagar Lake View Street's 2024 figure is below this median.

• Nehru Nagar K.V.K. Samy Street: Rs 3,850 per sq.ft (2024)
• Nehru Nagar Madhavan Street: Rs 3,850 per sq.ft (2024)
• Nehru Nagar Karunanidhi Street: Rs 3,850 per sq.ft (2024)
• Nehru Nagar Kanniamman Koil Street: Rs 3,850 per sq.ft (2024)
• Nehru Nagar Kannaki Street: Rs 3,850 per sq.ft (2024)
• Nehru Nagar Kannagi Street Lane V: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Nehru Nagar Lake View 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, making the total cost for these fees Rs 3,46,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Nehru Nagar Lake View Street?

The Sub Registrar Office that covers Nehru Nagar Lake View 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 critical factor in the registration process for property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that all transactions are conducted transparently and fairly.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price of the property.

Frequently asked questions

What is the current guideline value of Nehru Nagar Lake View Street?

The current guideline value of Nehru Nagar Lake View 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 1,500 per sq.ft in 2007 to Rs 3,850 per sq.ft in 2024, showing an overall increase of 157% over the years.

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.

Which office handles property registrations for Nehru Nagar Lake View Street?

The Velacheri Sub Registrar Office handles property registrations for Nehru Nagar Lake View Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Nehru Nagar Lake View Street?

Nehru Nagar Lake View Street is classified as Residential Class II Type - III, which indicates its suitability for residential purposes.