Guideline Value for Nehru Nagar

Nehru Nagar guideline value

The current guideline value of Nehru Nagar, located in Parangimalai village, is Rs 3,850 per sq.ft. This value is effective from 1 July 2024 and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Nehru Nagar has changed

The guideline value for Nehru Nagar has seen several revisions over the years. In 2002, the value was Rs 238 per sq.ft, which increased to Rs 320 per sq.ft in 2003, marking a 34% rise. The value continued to rise significantly, reaching Rs 750 per sq.ft in 2007, a substantial increase of 134%. It was then revised to Rs 3,500 per sq.ft in 2012, reflecting a decrease of 33% from the previous figure. The 2017 revision set the value at Rs 2,345 per sq.ft, which was a 49% increase from 2012. The most recent revision in 2023 brought the value to Rs 3,500 per sq.ft, and the current value for 2024 is Rs 3,850 per sq.ft, indicating a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,518%. The register has no figures for the years between 2012 and 2017 for this street.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 11,000 per sq.ft. The median value is Rs 3,850 per sq.ft, which is equal to the guideline value of Nehru Nagar.

• Nazarathpuram Road: Rs 3,300 per sq.ft (2024)
• Nazarathpuram: Rs 3,300 per sq.ft (2024)
• Nathat Subedhar Street: Rs 4,400 per sq.ft (2024)
• Nethaji Nagar: Rs 3,850 per sq.ft (2024)
• Nasarathpuram: Rs 3,300 per sq.ft (2024)
• Nethaji Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Nehru Nagar

For a 1,000 sq.ft plot at the current rate, the guideline value is 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 to 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 use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Nehru Nagar?

The Sub Registrar Office that covers Nehru Nagar is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. To find your SRO, you can visit find your SRO.

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

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

When buying or selling property, the guideline value helps both parties understand the fair valuation of the property. It is essential for buyers to be aware of the guideline value to avoid overpaying and for sellers to set realistic expectations regarding their property's value.

Frequently asked questions

What is the current guideline value of Nehru Nagar?

The current guideline value of Nehru Nagar 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 238 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 1,518% over this period.

What is the land classification for Nehru Nagar?

Nehru Nagar falls under the Residential Class II Type - I land classification.

Where can I find the Sub Registrar Office for Nehru Nagar?

The Sub Registrar Office for Nehru Nagar is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is stamp duty calculated for properties in Nehru Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot with a guideline value of Rs 38,50,000, the stamp duty would be Rs 2,69,500.