Guideline Value for Nehru Street

Nehru Street guideline value

The current guideline value of Nehru Street in Neelankarai village, under the Neelankarai SRO, is Rs 1,700 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class III Type - I.

How the guideline value of Nehru Street has changed

The guideline value for Nehru Street has seen several revisions over the years. In 2002, the value was Rs 93 per sq.ft, which increased to Rs 102 per sq.ft in 2003. Following this, there was a significant rise to Rs 500 per sq.ft in 2007, and then it jumped to Rs 1,500 per sq.ft in 2012. However, it decreased to Rs 1,005 per sq.ft in 2017. The value then rose to Rs 1,500 per sq.ft in 2023, and currently stands at Rs 1,700 per sq.ft as of the 2024 revision.

Notable changes between these revisions include a 10% increase from 2002 to 2003, a 390% increase from 2003 to 2007, a 200% increase from 2007 to 2012, a 33% decrease from 2012 to 2017, a 49% increase from 2017 to 2023, and a 13% increase from 2023 to 2024. Overall, the guideline value has increased by 1,728% from 2002 to 2024.

Guideline values in Neelankarai

In Neelankarai, there are 377 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 10,500 per sq.ft. The median value is Rs 2,200 per sq.ft, placing Nehru Street's 2024 figure below that median.

• New Saraswathi Nagar: Rs 2,800 per sq.ft (2024)
• North Street: Rs 1,700 per sq.ft (2024)
• Nadu Theru (Kuppam): Rs 1,700 per sq.ft (2024)
• Muthu Mariammn Koil Street: Rs 1,700 per sq.ft (2024)
• Muthu Mariammn Koil 3rd Street: Rs 1,700 per sq.ft (2024)
• Muthu Mariammn Koil 2nd Street: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Nehru Street

For a 1,000 sq.ft plot at the current rate of Rs 1,700 per sq.ft, the guideline value amounts to Rs 17,00,000. The stamp duty at 7% would be Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, bringing the total to Rs 1,53,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. 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 Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Neelankarai. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must be aware of the guideline value to ensure compliance with local regulations during the sale.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions. It is essential for both parties to understand the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Nehru Street?

The current guideline value of Nehru Street is Rs 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Nehru Street has increased from Rs 93 per sq.ft in 2002 to Rs 1,700 per sq.ft in 2024, showing a significant overall increase of 1,728% over the years.

What is the classification of Nehru Street?

Nehru Street is classified as Residential Class III Type - I, which indicates the type of development and usage permitted in the area.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is the stamp duty calculated for properties on Nehru Street?

Stamp duty for properties on Nehru Street is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current rate would incur a total of Rs 1,53,000 in stamp duty and registration fees.