Guideline Value for Nehru Park

Nehru Park guideline value

The current guideline value of Nehru Park is Rs 2,800 per sq.ft, effective from 1 July 2024. This property is located in Egmore village under the Periamet SRO, classified as Residential Class IV Type - I.

How the guideline value of Nehru Park has changed

The guideline value for Nehru Park has seen several revisions over the years. The earliest recorded value was Rs 601 per sq.ft in 2002. This figure increased to Rs 663 per sq.ft in 2003, marking a change of +10%. By 2007, the value rose significantly to Rs 1,200 per sq.ft, reflecting an increase of +81%. In 2012, the guideline value was Rs 2,600 per sq.ft, an increase of +117% from 2007. However, this value dropped to Rs 1,742 per sq.ft in 2017, representing a decrease of -33%.

Continuing from 2017, the guideline value increased to Rs 2,600 per sq.ft in 2023, which is a notable rise of +49%. The most recent revision in 2024 set the value at Rs 2,800 per sq.ft, an increase of +8% from the previous year. There are no figures available for the years not listed in the register for this street.

Guideline values in Egmore

In Egmore village, there are 465 streets under the Periamet SRO with a 2024 guideline value ranging from Rs 2,800 to Rs 22,000 per sq.ft. The median guideline value for these streets is Rs 7,100 per sq.ft, placing Nehru Park's 2024 figure below that median.

• Nawroji East Road: Rs 9,300 per sq.ft (2024)
• Nawab Street: Rs 9,300 per sq.ft (2024)
• New Avadi Salai: Rs 13,500 per sq.ft (2024)
• New Colony: Rs 8,300 per sq.ft (2024)
• New colony 1st street: Rs 8,300 per sq.ft (2024)
• Nathan Lane/Street: Rs 9,300 per sq.ft (2024)

Stamp duty and registration fee for property in Nehru Park

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value would be Rs 28,00,000. The stamp duty at 7% would amount to Rs 1,96,000, while the registration fee at 2% would be Rs 56,000. Together, the total cost for these fees would be Rs 2,52,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nehru Park?

The Sub Registrar Office that covers Nehru Park 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 Egmore

The guideline value plays a crucial role in the registration process when buying or selling property in Egmore. It serves as a benchmark for determining the stamp duty and registration fees, which are calculated based on this value or the sale price, whichever is higher.

When a property is registered, the guideline value ensures that the transaction is recorded at a fair value, which is essential for legal and taxation purposes. Buyers and sellers should be aware of the guideline value to understand their financial obligations during the transaction.

Frequently asked questions

What is the current guideline value of Nehru Park?

The current guideline value of Nehru Park is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 601 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of +366% over the years.

What is the classification of land in Nehru Park?

Nehru Park is classified as Residential Class IV Type - I under the Periamet SRO.

What are the other guideline values in Egmore?

Other streets in Egmore have varying guideline values, with rates ranging from Rs 2,800 to Rs 22,000 per sq.ft. The median for these streets is Rs 7,100 per sq.ft.

Where is the Sub Registrar Office for Nehru Park located?

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