Guideline Value for Nehru Nagar Main Road

Nehru Nagar Main Road guideline value

The current guideline value of Nehru Nagar Main Road is Rs 4,400 per sq.ft, effective from 1 July 2024. This road is located in Saligramam village and falls under the jurisdiction of the Virugambakkam SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Nehru Nagar Main Road has changed

The guideline value for Nehru Nagar Main Road has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 663 per sq.ft. This increased to Rs 724 per sq.ft in 2003, representing a 9% rise. The value continued to climb, reaching Rs 1,100 per sq.ft in 2007, which was a significant increase of 52%. By 2012, the guideline value had risen to Rs 4,000 per sq.ft, marking a substantial 264% increase from 2007. However, this value decreased by 33% to Rs 2,680 per sq.ft in 2017. The next revision in 2023 brought the value back up to Rs 4,000 per sq.ft, and the most recent revision in 2024 set it at Rs 4,400 per sq.ft, reflecting a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 564%. There are no other revisions listed for this street in the register.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO that carry a 2024 guideline value. The values range from Rs 2,750 to Rs 13,200 per sq.ft, with the median value being Rs 4,400 per sq.ft. Nehru Nagar Main Road's 2024 guideline value is equal to this median.

• Nehru Nagar Sastri Street: Rs 4,400 per sq.ft (2024)
• Nathan Street: Rs 3,850 per sq.ft (2024)
• Natarajan Street: Rs 3,850 per sq.ft (2024)
• N.G.O.Colony 1st Street: Rs 4,400 per sq.ft (2024)
• N.G.O.Colony 2nd Street: Rs 4,400 per sq.ft (2024)
• N.G.O.Colony 3rd Street: Rs 4,400 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total cost to Rs 3,96,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nehru Nagar Main Road?

The Nehru Nagar Main Road is covered by the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration process of property transactions in Saligramam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the value of the property. It is essential for buyers to be aware of this value to ensure they are making informed decisions during the transaction process.

Frequently asked questions

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

The current guideline value of Nehru Nagar Main Road is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, starting from Rs 663 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 564% over the years.

What is the land classification for Nehru Nagar Main Road?

The land classification for Nehru Nagar Main Road is Residential Class II Type - I, indicating its suitability for residential purposes.

Where is the Virugambakkam Sub Registrar Office located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties in Nehru Nagar Main Road?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a stamp duty of Rs 3,08,000.