Guideline Value for Nehru Street

Nehru Street guideline value

The current guideline value of Nehru Street in Perungalathur village, under the Padappai SRO, is Rs 2,970 per sq.ft, effective from 1 July 2024. This street is classified as Commercial Class I Type - II.

How the guideline value of Nehru Street has changed

Over the years, the guideline value of Nehru Street has seen significant changes. The 2007 revision recorded a value of Rs 250 per sq.ft, which increased dramatically to Rs 2,700 per sq.ft in 2012, marking a rise of 980%. However, this value dropped to Rs 1,809 per sq.ft in the 2017 revision, a decrease of 33%. The value then increased to Rs 2,700 per sq.ft in 2023, showing a rise of 49%. The most recent revision in 2024 set the value at Rs 2,970 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that the register has no figures for Nehru Street in the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 1,088%.

Guideline values in Perungalathur

In Perungalathur, there are 411 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,310 per sq.ft, placing Nehru Street's 2024 figure above that median.

• Nehru Nedunchalai: Rs 2,970 per sq.ft (2024)
• Nethaji Nagar: Rs 2,310 per sq.ft (2024)
• Nethaji Street: Rs 2,640 per sq.ft (2024)
• Neuton Street: Rs 1,980 per sq.ft (2024)
• N.G.O.Colony: Rs 3,960 per sq.ft (2024)
• Nammaalvar Street: Rs 1,980 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 2,970 per sq.ft, the total guideline value amounts to Rs 29,70,000. The stamp duty at 7% would be Rs 2,07,900, and the registration fee at 2% would be Rs 59,400, making the total cost for duty and registration Rs 2,67,300. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Nehru Street?

The Sub Registrar Office that covers Nehru Street is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Perungalathur. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on a standardized value set by the government. This helps maintain transparency and consistency in property transactions.

When a property is registered, the guideline value is assessed to determine the applicable fees. Buyers should be aware that the stamp duty is charged on the higher of the guideline value or the sale price, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Nehru Street?

The current guideline value of Nehru Street is Rs 2,970 per sq.ft, effective from 1 July 2024. This value is set by the Padappai SRO.

How much has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 250 per sq.ft in 2007 to Rs 2,970 per sq.ft in 2024. This represents an overall increase of 1,088% over the years.

What are the stamp duty and registration fees for properties in Nehru Street?

For a 1,000 sq.ft property at the current guideline value, the total guideline value is Rs 29,70,000. The stamp duty would be Rs 2,07,900, and the registration fee would be Rs 59,400, totaling Rs 2,67,300.

Which office handles registrations for Nehru Street?

The Padappai Sub Registrar Office handles registrations for Nehru Street. It is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

What is the significance of the guideline value in property transactions?

The guideline value is essential in property transactions as it determines the stamp duty and registration fees. It ensures that these costs are based on a standardized value, promoting transparency in the buying and selling process.