Guideline Value for Nehru Street 3rd Street

Nehru Street 3rd Street guideline value

The current guideline value of Nehru Street 3rd 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 it is classified as Residential Class II Type - I.

How the guideline value of Nehru Street 3rd Street has changed

The guideline value for Nehru Street 3rd Street has undergone several revisions over the years. The register has no figure for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was set at Rs 2,000 per sq.ft, which increased to Rs 2,200 per sq.ft in the 2024 revision, marking a change of +10%.

Prior to the 2023 revision, there were no recorded figures for the street in the earlier revisions. The latest figure of Rs 2,200 per sq.ft is the first recorded value since the 2023 update.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, indicating that Nehru Street 3rd Street's 2024 figure is below this median.

• Nehru Street 4th Street: Rs 2,200 per sq.ft (2024)
• Nehru Street 2nd Street: Rs 2,200 per sq.ft (2024)
• Nehru Street 1st 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 3rd Street

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the 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, leading to a total of 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.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nehru Street 3rd Street?

The Sub Registrar Office that covers Nehru Street 3rd 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 details.

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 is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold. This ensures that the government receives the appropriate revenue from property transactions.

When registering a property, the guideline value helps to establish a baseline for the transaction. Buyers should be aware that the stamp duty is calculated based on the higher of the guideline value or the sale price, ensuring that the registration reflects the true value of the property being transferred.

Frequently asked questions

What is the current guideline value of Nehru Street 3rd Street?

The current guideline value of Nehru Street 3rd 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 has increased from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024, marking a 10% increase.

What is the median guideline value for streets in Madipakkam-1?

The median guideline value for streets in Madipakkam-1 is Rs 2,750 per sq.ft, which is higher than the current value of Nehru Street 3rd Street.

What are the registration fees for property in Nehru Street 3rd Street?

The registration fees include a stamp duty of 7% and a registration fee of 2%, calculated based on the guideline value or the sale price, whichever is higher.

Where is the Velacheri Sub Registrar Office located?

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