Guideline Value for Nehru Street

Nehru Street guideline value

The current guideline value of Nehru Street in Cantonment Pallavaram village is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Pallavaram SRO and is classified as Residential Class III Type - I.

How the guideline value of Nehru Street has changed

Over the years, the guideline value of Nehru Street has seen several revisions. The earliest recorded figure is from 2003, where it was Rs 629 per sq.ft. This amount increased to Rs 800 per sq.ft in 2007, marking a 27% rise. The value then surged to Rs 2,000 per sq.ft in 2012, reflecting a significant increase of 150%. However, it dropped to Rs 1,340 per sq.ft in 2017, a decrease of 33%. The guideline value then rose again to Rs 2,000 per sq.ft in 2023, before reaching the current figure of Rs 2,200 per sq.ft in 2024, which is a 10% increase from the previous year.

It is important to note that there is no figure available for Nehru Street in the 2002 revision. Overall, from 2003 to 2024, the guideline value has increased by 250%.

Guideline values in Cantonment Pallavaram

In Cantonment Pallavaram, there are 81 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 11,000 per sq.ft. The median value is Rs 2,700 per sq.ft, indicating that Nehru Street's 2024 figure is below this median.

• Officers Lane: Rs 3,850 per sq.ft (2024)
• Old Trunk Road: Rs 11,000 per sq.ft (2024)
• Muthalamman Koil Street: Rs 2,700 per sq.ft (2024)
• Pachyappa Naicken Street: Rs 3,300 per sq.ft (2024)
• Mosque Street: Rs 3,850 per sq.ft (2024)
• P.A. Jaganathan Lane: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Nehru Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the guideline value totals Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to 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 further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nehru Street?

The Sub Registrar Office that covers Nehru Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration of property transactions in Cantonment Pallavaram. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees applicable on the transaction. It ensures that the transaction is recorded at a value that reflects the official rates set by the government.

Buyers and sellers should be aware that the guideline value is subject to revisions over time, which can affect the costs associated with property transactions. It is advisable to check the latest guideline value before proceeding with any property dealings.

Frequently asked questions

What is the current guideline value of Nehru Street?

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

How has the guideline value of Nehru Street changed over the years?

The guideline value has changed from Rs 629 per sq.ft in 2003 to Rs 2,200 per sq.ft in 2024, showing a significant increase of 250% over this period.

What is the land classification for Nehru Street?

Nehru Street is classified as Residential Class III Type - I, indicating its designation for residential use.

Where can I find the Sub Registrar Office for Nehru Street?

The Sub Registrar Office for Nehru Street is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

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

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.