Guideline Value for Nehru Nagar Mathialagan Street Lane I

Nehru Nagar Mathialagan Street Lane I guideline value

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

The guideline value for Nehru Nagar Mathialagan Street Lane I has seen several revisions over the years. In 2012, the guideline value was Rs 3,500 per sq.ft, which decreased to Rs 2,345 per sq.ft in 2017. This marked a significant drop of 33%. However, the value rebounded to Rs 3,500 per sq.ft in 2023, and then increased by 10% to Rs 3,850 per sq.ft in the 2024 revision.

From 2017 to 2023, there was a notable increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 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 guideline value in the area is Rs 4,400 per sq.ft, which means that Nehru Nagar Mathialagan Street Lane I's current value is below that median.

• Nehru Nagar Mathialagan Street Lane Ii: Rs 3,850 per sq.ft (2024)
• Nehru Nagar Mathialagan Street Lane Iii: Rs 3,850 per sq.ft (2024)
• Nehru Nagar Mathialagan Street Lane Iv: Rs 3,850 per sq.ft (2024)
• Nehru Nagar Mathialagan Street Lane V: Rs 3,850 per sq.ft (2024)
• Nehru Nagar Mathialagan Street Lane Vi: Rs 3,850 per sq.ft (2024)
• Nehru Nagar Mathialagan Street Lane Vii: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Nehru Nagar Mathialagan 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, and the registration fee at 2% would be Rs 77,000, bringing the total fees 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 Mathialagan Street Lane I?

The Sub Registrar Office that covers Nehru Nagar Mathialagan 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 when buying or selling property in Velachery. It serves as a benchmark for determining the minimum price at which a property can be sold and is used to calculate the stamp duty and registration fees applicable to the transaction.

When a property is registered, the buyer and seller must ensure that the sale price is not lower than the guideline value. This helps maintain transparency in property transactions and ensures that the government receives the appropriate revenue through stamp duties.

Frequently asked questions

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

The current guideline value of Nehru Nagar Mathialagan 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 in 2023, and finally to Rs 3,850 in 2024.

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

Nehru Nagar Mathialagan Street Lane I is classified as Residential Class II Type - III.

Where can I find the Sub Registrar Office for this street?

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

How is stamp duty calculated for properties in Nehru Nagar Mathialagan Street Lane I?

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 results in a stamp duty of Rs 2,69,500.