Guideline Value for Nehru Street

Nehru Street guideline value

The current guideline value of Nehru Street is Rs 850 per sq.ft, effective from 1 July 2024. This street is located in Rajakilpakkam village and falls under the Selaiyur SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Nehru Street has changed

The guideline value for Nehru Street has seen several revisions over the years. The earliest recorded revision is from 2012, where the value was Rs 700 per sq.ft. In 2017, it decreased to Rs 469 per sq.ft, marking a decline of 33%. However, in 2023, the value rose to Rs 700 per sq.ft, and the most recent revision in 2024 set the value at Rs 850 per sq.ft, reflecting an increase of 21% from the previous year.

In summary, from 2012 to 2024, the overall change in the guideline value is an increase of 21%. Notably, there are no recorded figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Rajakilpakkam

In Rajakilpakkam, there are 384 streets under the Selaiyur SRO, with guideline values ranging from Rs 850 to Rs 5,000 per sq.ft. The median guideline value in this area is Rs 2,150 per sq.ft, which means that Nehru Street's 2024 figure is below the median.

• Neminathan Nagar: Rs 1,600 per sq.ft (2024)
• Navin Sanctum: Rs 4,000 per sq.ft (2024)
• Nisha Avenue II: Rs 2,150 per sq.ft (2024)
• Nizha Avenue: Rs 2,150 per sq.ft (2024)
• Nizha Avenue 1st street: Rs 2,150 per sq.ft (2024)
• Nizha Avenue 2nd Street: Rs 2,150 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 850 per sq.ft, the total guideline value amounts to Rs 8,50,000. The stamp duty, charged at 7%, would be Rs 59,500, while the registration fee at 2% would be Rs 17,000. Therefore, the total cost for stamp duty and registration would be Rs 76,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nehru Street?

Nehru Street is covered by the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, within the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Rajakilpakkam. It serves as a benchmark for determining the minimum value on which stamp duty and registration fees are calculated. Buyers and sellers must be aware of this value to ensure compliance with legal requirements during property transactions.

When a property is registered, the guideline value is checked against the sale price. The higher of the two values is used to calculate the applicable duties and fees, ensuring that the transaction is recorded accurately within the legal framework.

Frequently asked questions

What is the current guideline value of Nehru Street?

The current guideline value of Nehru Street is Rs 850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 700 per sq.ft in 2012 to Rs 469 per sq.ft in 2017, then back to Rs 700 per sq.ft in 2023, and finally to Rs 850 per sq.ft in 2024.

What is the land classification for Nehru Street?

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

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is the stamp duty calculated for property in Nehru Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For instance, for a property valued at Rs 8,50,000, the stamp duty would be Rs 59,500 at the rate of 7%.