Guideline Value for Nehru Street

Nehru Street guideline value

The current guideline value of Nehru Street, located in Kanagam village under the Adayar SRO, is Rs 3,900 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - I land classification.

How the guideline value of Nehru Street has changed

The guideline value of Nehru Street has seen significant changes over the years. In 2002, the guideline value was Rs 300 per sq.ft. It increased to Rs 450 per sq.ft in 2003, marking a 50% rise. The value further increased to Rs 1,000 per sq.ft in 2007, which was a 122% increase from the previous year. In 2012, the guideline value was Rs 3,500 per sq.ft, reflecting a substantial increase of 250% from 2007. However, this value decreased to Rs 2,345 per sq.ft in 2017, indicating a decline of 33%.

From 2017 to 2023, the guideline value rose significantly to Rs 3,500 per sq.ft, which was a 49% increase. The most recent revision in 2024 set the guideline value at Rs 3,900 per sq.ft, representing an 11% increase from 2023. Overall, from 2002 to 2024, the guideline value has increased by 1200%.

Guideline values in Kanagam

In Kanagam village, there are 15 streets under the Adayar SRO that have a 2024 guideline value ranging from Rs 2,800 to Rs 13,800 per sq.ft. The median value among these streets is Rs 2,800 per sq.ft, placing Nehru Street's 2024 figure above that median.

• Nethaji Street: Rs 3,300 per sq.ft (2024)
• Periyar Street: Rs 2,800 per sq.ft (2024)
• Pillaiyar Koil Street: Rs 3,300 per sq.ft (2024)
• Lal Bahadur Street: Rs 2,800 per sq.ft (2024)
• Kattabomman Street: Rs 2,800 per sq.ft (2024)
• Kanagam Road: Rs 3,900 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 3,900 per sq.ft, the total guideline value amounts to Rs 39,00,000. The stamp duty at 7% would be Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, bringing the total costs together to Rs 3,51,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, 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 Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20, in the Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Kanagam. It is used to determine the stamp duty and registration fees payable at the time of registration. Buyers and sellers must consider this value to ensure compliance with local regulations during property transactions.

When a property is sold, the guideline value helps in assessing the official value of the property, which is essential for calculating the necessary fees. This ensures that all transactions are recorded accurately and transparently in the register.

Frequently asked questions

What is the current guideline value of Nehru Street?

The current guideline value of Nehru Street is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value of Nehru Street has increased significantly from Rs 300 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, reflecting an overall increase of 1200%.

What is the land classification for Nehru Street?

Nehru Street falls under the Residential Class I Type - I land classification.

What is the registration office for Nehru Street?

The registration office for Nehru Street is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.

How is stamp duty calculated for properties 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 Rs 3,900 per sq.ft, the stamp duty would be Rs 2,73,000.