Guideline Value for Nehru Nagar

Nehru Nagar guideline value

The current guideline value of Nehru Nagar in Mannurpet village, under the Konnur SRO, is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Nehru Nagar has changed

The guideline value for Nehru Nagar has undergone several revisions over the years. In 2002, the guideline value was Rs 224 per sq.ft, which increased to Rs 247 per sq.ft in 2003. Following this, there was a significant rise to Rs 500 per sq.ft in 2007, and it further increased to Rs 1,200 per sq.ft in 2012. However, between 2012 and 2017, the value decreased to Rs 804 per sq.ft. The value then rose sharply to Rs 1,200 per sq.ft in 2023, and the most recent revision in 2024 set the value at Rs 1,300 per sq.ft.

Examining the changes between the revisions, the increase from 2023 to 2024 was 8%. From 2017 to 2023, there was a notable increase of 49%. The decrease from 2012 to 2017 was 33%. The rise from 2007 to 2012 was 140%, and the increase from 2003 to 2007 was 102%. The change from 2002 to 2003 was 10%. Overall, from 2002 to 2024, the guideline value has increased by 480%.

Guideline values in Mannurpet

Mannurpet village has a total of 38 streets under the Konnur SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 6,600 per sq.ft. The guideline value for Nehru Nagar is equal to the median value of Rs 1,300 per sq.ft. Below are the guideline values for other streets in Mannurpet:

• Padasalai Street: Rs 1,100 per sq.ft (2024)
• Mugapper Road: Rs 3,300 per sq.ft (2024)
• M.T.H. Road: Rs 5,500 per sq.ft (2024)
• Pattaraivakkam Road: Rs 1,700 per sq.ft (2024)
• Menambedu Main Road: Rs 2,300 per sq.ft (2024)
• Perumal Koil Street: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Nehru Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, totaling Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nehru Nagar?

The Sub Registrar Office that covers Nehru Nagar is the Konnur Sub Registrar Office, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai, in the Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Mannurpet. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is compared to the sale price. The higher of the two is used to calculate the applicable duties and fees, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Nehru Nagar?

The current guideline value of Nehru Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 224 per sq.ft in 2002 to Rs 1,300 per sq.ft in 2024, reflecting an overall increase of 480% over the years.

What is the stamp duty rate for property in Nehru Nagar?

The stamp duty rate for property in Nehru Nagar is 7% of the guideline value or the sale price, whichever is higher.

Which office handles property registrations in Nehru Nagar?

The Konnur Sub Registrar Office is responsible for handling property registrations in Nehru Nagar, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

What are the guideline values of other streets in Mannurpet?

Other streets in Mannurpet have varying guideline values. For example, Padasalai Street has a guideline value of Rs 1,100 per sq.ft, while M.T.H. Road has a value of Rs 5,500 per sq.ft in 2024.