Guideline Value for Nehru Nagar Veera Vanchinathan Street

Nehru Nagar Veera Vanchinathan Street guideline value

The current guideline value of Nehru Nagar Veera Vanchinathan Street 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 Veera Vanchinathan Street has changed

The guideline value for Nehru Nagar Veera Vanchinathan Street has undergone several revisions over the years. The earliest recorded revision is from 2012, where the value was Rs 3,500 per sq.ft. This figure remained until the next revision in 2017, which saw a decrease to Rs 2,345 per sq.ft. However, from 2017 to 2023, the value increased significantly to Rs 3,500 per sq.ft, and further rose to Rs 3,850 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

In summary, the changes in guideline value from 2012 to 2024 show a modest overall increase of 10%. The specific changes include a 49% increase from 2017 to 2023 and a 33% decrease from 2012 to 2017. 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 have a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. Nehru Nagar Veera Vanchinathan Street's current guideline value is below this median.

• Nehru Nagar Veerapandia Kattabomman Street: Rs 3,850 per sq.ft (2024)
• Nehru Nagar Thiru. V.K. Street: Rs 3,850 per sq.ft (2024)
• Nehru Nagar Thiruvalluvar Street: Rs 3,850 per sq.ft (2024)
• Nehru Nagar (S.No.299/2E): Rs 4,400 per sq.ft (2024)
• Nehru Nagar Sathiyavani Muthu Street: Rs 3,850 per sq.ft (2024)
• Nehru Nagar Sathiyamurthi Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Nehru Nagar Veera Vanchinathan 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, and the registration fee at 2% would be Rs 77,000, bringing the total fees together to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more detailed calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nehru Nagar Veera Vanchinathan Street?

The Sub Registrar Office that covers Nehru Nagar Veera Vanchinathan Street 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 when registering property transactions in Velachery. It serves as a benchmark for calculating stamp duty and registration fees, which are mandatory during property transfers. Buyers and sellers must be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher.

When engaging in property transactions, it is essential to consider the guideline value as it directly impacts the overall cost of the transaction. Understanding this value helps in planning the financial aspects of buying or selling property in the area.

Frequently asked questions

What is the current guideline value of Nehru Nagar Veera Vanchinathan Street?

The current guideline value of Nehru Nagar Veera Vanchinathan 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 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024, marking a 10% increase. The value was Rs 2,345 per sq.ft in 2017 and Rs 3,500 per sq.ft in 2012.

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

For a 1,000 sq.ft plot, the guideline value would be Rs 38,50,000. The stamp duty at 7% would total Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, leading to total fees of Rs 3,46,500.

Which Sub Registrar Office covers this street?

The Velacheri Sub Registrar Office covers Nehru Nagar Veera Vanchinathan Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the guideline value determined?

The guideline value is determined based on various factors including land classification and historical revisions. It serves as a reference point for property transactions and is updated periodically by the Registration Department.