Guideline Value for Nehru Street 2nd Street

Nehru Street 2nd Street guideline value

The current guideline value of Nehru Street 2nd 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, and is classified as Residential Class II Type - I.

How the guideline value of Nehru Street 2nd Street has changed

According to the guideline value register, there are no figures available for Nehru Street 2nd Street for the years 2002, 2003, 2007, 2012, and 2017. The 2023 revision set the guideline value at Rs 2,000 per sq.ft. The most recent revision in 2024 increased this value to Rs 2,200 per sq.ft, marking a change of +10% from the previous year.

In the 2024 revision, the guideline value per sq.ft for Nehru Street 2nd Street is now Rs 2,200, which is below the median value of Rs 2,750 per sq.ft for the 1823 streets in Madipakkam-1 under the Velacheri SRO. The 2023 revision was Rs 2,000 per sq.ft, indicating a steady increase in the guideline value over the years.

Guideline values in Madipakkam-1

In Madipakkam-1, the guideline values for various streets range from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. Nehru Street 2nd Street's 2024 figure of Rs 2,200 per sq.ft is below this median.

• Nehru Street 1st 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)
• Nehru 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 2nd 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, totaling Rs 1,98,000. 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 our stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Nehru Street 2nd Street?

The Sub Registrar Office that covers Nehru Street 2nd Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For more information, you can find your SRO.

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

The guideline value is a crucial factor during property transactions in Madipakkam-1. It serves as the minimum value for which properties can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value helps determine the applicable fees and taxes. Buyers should be aware that the registration process will consider the guideline value or the sale price, whichever is higher, to calculate the stamp duty and registration fees.

Frequently asked questions

What is the current guideline value for Nehru Street 2nd Street?

The current guideline value for Nehru Street 2nd 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 2nd Street was Rs 2,000 per sq.ft in 2023 and increased to Rs 2,200 per sq.ft in 2024, a change of +10%.

What is the land classification for Nehru Street 2nd Street?

Nehru Street 2nd Street is classified as Residential Class II Type - I.

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 the stamp duty calculated for properties in Nehru Street 2nd Street?

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