Guideline Value for Nehru Street

Nehru Street guideline value

The current guideline value of Nehru Street in Nemilicherry village is Rs 2,420 per sq.ft, effective from 1 July 2024. This street falls under the Pallavaram SRO and is classified as Residential Class I Type - I.

How the guideline value of Nehru Street has changed

The guideline value for Nehru Street has seen significant changes over the years. In the 2007 revision, the value was set at Rs 400 per sq.ft, which increased dramatically to Rs 2,200 per sq.ft in 2012, marking a rise of 450%. However, in the 2017 revision, it decreased to Rs 1,474 per sq.ft, reflecting a decline of 33%. The value then rose again to Rs 2,200 per sq.ft in 2023, before reaching the current rate of Rs 2,420 per sq.ft in 2024, which is a 10% increase from the previous year. The register has no figures for the years 2002 and 2003.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 505%. The values have fluctuated significantly, with the most recent revisions showing a steady increase from 2017 onwards.

Guideline values in Nemilicherry

In Nemilicherry, there are 172 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 3,300 per sq.ft, with a median value of Rs 2,160 per sq.ft. Nehru Street's 2024 guideline value of Rs 2,420 per sq.ft is above this median.

• Nellaiappar Street: Rs 2,420 per sq.ft (2024)
• Nellaipettai High Road: Rs 2,420 per sq.ft (2024)
• Nellaiyappar 1st Cross Street: Rs 2,420 per sq.ft (2024)
• Nellaiyappar 1st Street: Rs 2,420 per sq.ft (2024)
• Nellaiyappar 2nd Cross Street: Rs 2,420 per sq.ft (2024)
• Nellaiyappar 2nd Street: Rs 2,420 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 2,420 per sq.ft, the total guideline value would be Rs 24,20,000. The stamp duty at 7% would amount to Rs 1,69,400, and the registration fee at 2% would be Rs 48,400, bringing the total to Rs 2,17,800. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Nehru Street?

The Sub Registrar Office covering Nehru Street is 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 Nemilicherry

The guideline value is a crucial factor during the registration process when buying or selling property in Nemilicherry. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that both parties are aware of the official valuation of the property.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures transparency and compliance with local regulations in property transactions.

Frequently asked questions

What is the current guideline value of Nehru Street?

The current guideline value of Nehru Street is Rs 2,420 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 400 per sq.ft in 2007 to Rs 2,420 per sq.ft in 2024, which is an overall increase of 505%.

What is the land classification of Nehru Street?

Nehru Street is classified as Residential Class I Type - I, indicating its suitability for residential development.

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, Chengalpattu registration zone.

How is stamp duty calculated for properties in Nehru Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 24,20,000 would incur a stamp duty of Rs 1,69,400 at a rate of 7%.