Guideline Value for Nehru Nagar New Layout

Nehru Nagar New Layout guideline value

The current guideline value of Nehru Nagar New Layout is Rs 2,700 per sq.ft, effective from 1 July 2024. This area is located in Kodambakkam village and falls under the Ashok Nagar SRO. The land classification for this layout is Residential Class IV Type - III.

How the guideline value of Nehru Nagar New Layout has changed

The guideline value of Nehru Nagar New Layout has seen several revisions over the years. The 2007 revision set the value at Rs 620 per sq.ft, which increased significantly to Rs 2,500 per sq.ft in 2012. However, this value decreased by 33% to Rs 1,675 per sq.ft in the 2017 revision. Following this, the 2023 revision raised the value to Rs 2,500 per sq.ft, and the most recent 2024 revision has increased it further to Rs 2,700 per sq.ft, marking an 8% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 335%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 11,000 per sq.ft, with a median value of Rs 4,900 per sq.ft. The guideline value for Nehru Nagar New Layout is below this median.

• Nehru Nagar Main Road,Nesappakkam: Rs 2,700 per sq.ft (2024)
• Nehru Street (Dr. Kanu Nagar 2nd Street): Rs 2,200 per sq.ft (2024)
• Neithal Street: Rs 3,300 per sq.ft (2024)
• Nehru Avenue: Rs 5,500 per sq.ft (2024)
• Nedunchezian Street: Rs 3,300 per sq.ft (2024)
• Nethaji Nagar 1st Street: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Nehru Nagar New Layout

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total fees to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Nehru Nagar New Layout?

The Sub Registrar Office that covers Nehru Nagar New Layout is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Kodambakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of property. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the correct amount of revenue from property transactions.

Frequently asked questions

What is the current guideline value of Nehru Nagar New Layout?

The current guideline value of Nehru Nagar New Layout is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 620 per sq.ft in 2007 to Rs 2,700 per sq.ft in 2024. The most significant increase occurred from 2012 to 2017, where it decreased by 33%, followed by an increase of 49% from 2017 to 2023.

What is the land classification for Nehru Nagar New Layout?

The land classification for Nehru Nagar New Layout is Residential Class IV Type - III.

Where can I find the Ashok Nagar Sub Registrar Office?

The Ashok Nagar Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.

How is the stamp duty calculated for properties in Nehru Nagar New Layout?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, if the guideline value is Rs 27,00,000, the stamp duty at 7% would be Rs 1,89,000.