Guideline Value for Nehru Street

Nehru Street guideline value

The current guideline value of Nehru Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Palavanthangal village under the Alandur 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. In 2007, the value was Rs 750 per sq.ft, which increased significantly to Rs 3,000 per sq.ft in 2012, marking a 300% rise. However, from 2012 to 2017, it saw a decrease to Rs 2,010 per sq.ft, a drop of 33%. The value then rose again to Rs 3,000 per sq.ft in 2023, followed by the latest revision in 2024, which set the value at Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year. The register has no figures for the years 2002 and 2003.

Overall, from 2007 to 2024, the guideline value has increased by 340%. The revisions indicate fluctuations in the guideline value, with significant increases and a notable decrease during the 2012 to 2017 period.

Guideline values in Palavanthangal

In Palavanthangal, there are 95 streets under the Alandur SRO that have a 2024 guideline value ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median value is Rs 3,900 per sq.ft, placing Nehru Street's 2024 figure below this median.

• Nehru Nagar Main Road: Rs 3,300 per sq.ft (2024)
• New Bharathiyar 1st Street: Rs 3,900 per sq.ft (2024)
• New Bharathiyar 2nd Street: Rs 3,900 per sq.ft (2024)
• New Bharathiyar Street: Rs 3,900 per sq.ft (2024)
• New colony 1st Lane: Rs 2,800 per sq.ft (2024)
• New Colony 1st Street: Rs 2,800 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 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, making the total cost Rs 2,97,000. It is important to note that duty is charged on the higher of the guideline value and 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 Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Palavanthangal. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency and fairness in property dealings.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees, which are essential costs in the transaction process. Buyers should be aware of the guideline value to understand the financial implications of their property transactions in the area.

Frequently asked questions

What is the current guideline value of Nehru Street?

The current guideline value of Nehru Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 750 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, showing an overall increase of 340% over the years.

What are the other guideline values in Palavanthangal?

In Palavanthangal, the guideline values for other streets range from Rs 2,200 to Rs 11,000 per sq.ft, with the median value being Rs 3,900 per sq.ft.

What fees are associated with buying property on Nehru Street?

When buying property on Nehru Street, buyers should consider stamp duty at 7% and a registration fee at 2% of the guideline value, which collectively add to the transaction costs.

Where is the Sub Registrar Office for Nehru Street located?

The Sub Registrar Office for Nehru Street is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.