Guideline Value for Nehru Street

Nehru Street guideline value

The current guideline value of Nehru Street is Rs 2,160 per sq.ft, effective from 1 July 2024. This street is located in Kovilambakkam village under the Pallavaram SRO, classified as Residential Class II Type - I.

How the guideline value of Nehru Street has changed

The guideline value for Nehru Street has undergone several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 79 per sq.ft. This increased to Rs 99 per sq.ft in 2003, marking a rise of 25%. The 2007 revision saw a significant jump to Rs 350 per sq.ft, which represented an increase of 254%. In 2012, the value reached Rs 2,000 per sq.ft, reflecting a substantial increase of 471% from the previous revision. However, in 2017, the value dropped to Rs 1,340 per sq.ft, a decrease of 33%. The 2023 revision set the guideline value at Rs 2,000 per sq.ft, and the most recent 2024 revision established it at Rs 2,160 per sq.ft, indicating an increase of 8%.

Overall, from 2002 to 2024, the guideline value has increased by 2,634%. There are no figures available for the years not listed in the register for this street.

Guideline values in Kovilambakkam

Kovilambakkam village has a total of 61 streets under the Pallavaram SRO that carry a 2024 guideline value, ranging from Rs 1,320 to Rs 5,610 per sq.ft. The median guideline value for these streets is Rs 2,750 per sq.ft, placing Nehru Street's 2024 figure below that median.

• Om Sakthi Nagar: Rs 2,970 per sq.ft (2024)
• Muthiah Nagar 1 To 4 Streets: Rs 2,750 per sq.ft (2024)
• Muthiah Nagar: Rs 4,070 per sq.ft (2024)
• Mulai Nagar: Rs 2,160 per sq.ft (2024)
• Mohi Aurora: Rs 5,610 per sq.ft (2024)
• Mmrd Road: Rs 4,400 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 2,160 per sq.ft, the total guideline value amounts to Rs 21,60,000. The stamp duty at 7% would be Rs 1,51,200, and the registration fee at 2% would be Rs 43,200, resulting in a total of Rs 1,94,400. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Nehru Street?

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

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

The guideline value is a crucial factor when registering property transactions in Kovilambakkam. It serves as the minimum value for calculating stamp duty and registration fees, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value helps establish a baseline for the transaction price. Buyers and sellers should be aware of the guideline value to ensure compliance with local regulations and to understand the financial implications of their property dealings.

Frequently asked questions

What is the current guideline value of Nehru Street?

The current guideline value of Nehru Street is Rs 2,160 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, increasing from Rs 79 per sq.ft in 2002 to Rs 2,160 per sq.ft in 2024, which is an overall increase of 2,634%.

What is the registration office for Nehru Street?

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

How is stamp duty calculated for property in Nehru Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the total guideline value is Rs 21,60,000.

What are the other streets in Kovilambakkam with guideline values?

Other streets in Kovilambakkam include Om Sakthi Nagar, Muthiah Nagar 1 To 4 Streets, Muthiah Nagar, Mulai Nagar, Mohi Aurora, and Mmrd Road, each with their respective guideline values for 2024.