Guideline Value for Nehru Street / Lakshmipuram

Nehru Street / Lakshmipuram guideline value

The current guideline value of Nehru Street / Lakshmipuram in Thiruneermalai village is Rs 2,860 per sq.ft, effective from 1 July 2024. This area falls under the Pammal SRO and is classified as Commercial Class I Type - I.

How the guideline value of Nehru Street / Lakshmipuram has changed

The guideline value for Nehru Street / Lakshmipuram has seen significant changes over the years. In the 2003 revision, the value was Rs 312 per sq.ft, which increased to Rs 350 per sq.ft in 2007. This was followed by a substantial rise to Rs 1,742 per sq.ft in 2017, marking an increase of 398%. The value then rose to Rs 2,600 per sq.ft in the 2023 revision, reflecting a 49% increase from the previous figure. The most recent revision in 2024 set the value at Rs 2,860 per sq.ft, a 10% increase from 2023. Notably, there are no figures available for the years 2002 and 2012.

Overall, from the 2003 revision to the 2024 revision, the guideline value has increased by 817%. This upward trend highlights the changes in property valuation in this area over the years.

Guideline values in Thiruneermalai

In Thiruneermalai, there are 316 streets under the Pammal SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 6,240 per sq.ft, with a median value of Rs 2,420 per sq.ft. Nehru Street / Lakshmipuram's current guideline value of Rs 2,860 per sq.ft is above this median.

• Nehru Street: Rs 2,420 per sq.ft (2024)
• Neervannan Street 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Neervannan Street 1st Cross Street: Rs 2,200 per sq.ft (2024)
• Neervannan Street: Rs 2,200 per sq.ft (2024)
• Neervannan 2nd Street: Rs 2,200 per sq.ft (2024)
• Neervannan 1st Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Nehru Street / Lakshmipuram

For a 1,000 sq.ft plot at the current guideline value of Rs 2,860 per sq.ft, the total guideline value would be Rs 28,60,000. The stamp duty at 7% would amount to Rs 2,00,200, and the registration fee at 2% would be Rs 57,200. Together, the total cost for stamp duty and registration fee would be Rs 2,57,400. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Nehru Street / Lakshmipuram?

The Sub Registrar Office that covers Nehru Street / Lakshmipuram is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, Chengalpattu registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value is an essential factor when buying or selling property in Thiruneermalai. It determines the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on the property's valuation.

When a property is sold, the guideline value serves as a benchmark for calculating the applicable taxes. Buyers should be aware that the stamp duty is charged on the higher of the guideline value or the sale price, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Nehru Street / Lakshmipuram?

The current guideline value of Nehru Street / Lakshmipuram is Rs 2,860 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has increased significantly, from Rs 312 per sq.ft in 2003 to Rs 2,860 per sq.ft in 2024, marking an overall increase of 817%.

What is the classification of land in Nehru Street / Lakshmipuram?

The land in Nehru Street / Lakshmipuram is classified as Commercial Class I Type - I, indicating its suitability for commercial activities.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the guideline value or sale price. For example, a 1,000 sq.ft plot would incur a total of Rs 2,57,400 in fees.

Which office handles registrations for Nehru Street / Lakshmipuram?

The Pammal Sub Registrar Office handles registrations for Nehru Street / Lakshmipuram, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.