Guideline Value for Nehru Street 1st Street

Nehru Street 1st Street guideline value

The current guideline value of Nehru Street 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO, classified as Residential Class II Type - I.

How the guideline value of Nehru Street 1st Street has changed

The guideline value register for Nehru Street 1st Street does not have figures for the years 2002, 2003, 2007, 2012, and 2017. The first recorded figure is from the 2023 revision, where the guideline value was Rs 2,000 per sq.ft. This increased to Rs 2,200 per sq.ft in the 2024 revision, marking a change of +10%.

In summary, the 2023 revision set the guideline value at Rs 2,000 per sq.ft, which rose to Rs 2,200 per sq.ft in 2024. This reflects a significant increment in the guideline value for Nehru Street 1st Street over the last year.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO with a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value in this village is Rs 2,750 per sq.ft, indicating that Nehru Street 1st Street's 2024 figure is below the median.

• Nehru Street: Rs 2,200 per sq.ft (2024)
• Nehru Street 2nd Street: Rs 2,200 per sq.ft (2024)
• Nehru Street 3rd Street: Rs 2,200 per sq.ft (2024)
• Nehru Street 4th Street: Rs 2,200 per sq.ft (2024)
• Nethaji Nagar: Rs 2,750 per sq.ft (2024)
• Nethaji Nagar, Ponni Amman Koil Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Nehru Street 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. Please 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 Street 1st Street?

The Sub Registrar Office that covers Nehru Street 1st Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor during property registration in Madipakkam-1. It determines the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. This ensures that both the buyer and seller are aware of the financial implications involved in the transaction.

Frequently asked questions

What is the current guideline value for Nehru Street 1st Street?

The current guideline value for Nehru Street 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Nehru Street 1st Street was Rs 2,000 per sq.ft in 2023, which increased to Rs 2,200 per sq.ft in 2024, reflecting a 10% rise.

What is the land classification for Nehru Street 1st Street?

Nehru Street 1st Street is classified as Residential Class II Type - I under the Velacheri SRO.

Where can I find the Velacheri Sub Registrar Office?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for properties in Nehru Street 1st Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 22,00,000 would incur a stamp duty of Rs 1,54,000 at 7%.