Guideline Value for Nehru Nagar

Nehru Nagar guideline value

The current guideline value of Nehru Nagar is Rs 4,400 per sq.ft, effective from 1 July 2024. This area is located in Vepery village under the Periamet SRO, classified as Residential Class III Type - I.

How the guideline value of Nehru Nagar has changed

The guideline value for Nehru Nagar has seen several revisions over the years. Starting from Rs 800 per sq.ft in 2007, it increased significantly to Rs 4,000 per sq.ft in 2012. However, it then dropped to Rs 2,680 per sq.ft in 2017 before rising again to Rs 4,000 per sq.ft in 2023 and finally reaching Rs 4,400 per sq.ft in 2024. The register has no figure for this street in 2002 and 2003.

Between the revisions, the changes were notable. From 2007 to 2012, there was a substantial increase of 400%. However, from 2012 to 2017, the value decreased by 33%. The subsequent jump from 2017 to 2023 was a significant 49%, followed by a 10% rise from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has increased by 450%.

Guideline values in Vepery

In Vepery, there are 290 streets under the Periamet SRO that have a 2024 guideline value ranging from Rs 2,200 to Rs 22,000 per sq.ft, with a median of Rs 4,800 per sq.ft. Nehru Nagar's 2024 figure is below this median.

• Naval Hospital Road: Rs 6,000 per sq.ft (2024)
• Naval Hospital 9th lane: Rs 3,300 per sq.ft (2024)
• Naval Hospital 8th lane: Rs 3,300 per sq.ft (2024)
• Naval Hospital 7th lane: Rs 3,300 per sq.ft (2024)
• Naval Hospital 6th lane: Rs 3,300 per sq.ft (2024)
• Naval Hospital 5th lane: Rs 3,300 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 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. 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 Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

The guideline value is a critical factor in the property registration process. It helps determine the stamp duty and registration fees applicable when buying or selling property in Vepery. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

When you register a property, the guideline value serves as a benchmark for calculating the taxes owed. It is essential to understand that the duty is charged based on the higher of the guideline value or the sale price, ensuring that both parties are fairly represented in the transaction.

Frequently asked questions

What is the current guideline value of Nehru Nagar?

The current guideline value of Nehru Nagar is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 800 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 450% over this period.

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

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

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

The Sub Registrar Office for Nehru Nagar is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.

What is the land classification of Nehru Nagar?

Nehru Nagar is classified as Residential Class III Type - I, which indicates its zoning for residential purposes.