Guideline Value for Nehru Street

Nehru Street guideline value

The current guideline value of Nehru Street in Naravarikuppam village, under the Redhills SRO, is Rs 1,870 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class I 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 figure is from 2002, which was Rs 3,471 per sq.ft. This figure dropped significantly to Rs 353 per sq.ft in 2003. Following this, the value rose to Rs 500 per sq.ft in 2007, and then to Rs 1,700 per sq.ft in 2012. However, it decreased to Rs 1,139 per sq.ft in 2017. The most recent revisions show an increase to Rs 1,700 per sq.ft in 2023 and a further rise to Rs 1,870 per sq.ft in 2024.

In terms of changes, the guideline value increased by 10% from 2023 to 2024. There was a substantial increase of 49% from 2017 to 2023. However, there was a decrease of 33% from 2012 to 2017, and a significant increase of 240% from 2007 to 2012. The value rose by 42% from 2003 to 2007, but it saw a drastic decline of 90% from 2002 to 2003. Overall, comparing the years 2002 to 2024, the guideline value has decreased by 46%.

Guideline values in Naravarikuppam

Naravarikuppam has a total of 112 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 3,300 per sq.ft, with a median value of Rs 1,650 per sq.ft. The guideline value for Nehru Street is above this median.

• Nethaji Street: Rs 1,870 per sq.ft (2024)
• Nethaji Street Lane: Rs 1,870 per sq.ft (2024)
• Natesan Street: Rs 1,870 per sq.ft (2024)
• Nara Lane: Rs 1,320 per sq.ft (2024)
• Muthusha Hussain Street: Rs 1,320 per sq.ft (2024)
• Muthuramalinga Devar Street: Rs 2,200 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 1,870 per sq.ft, the total guideline value would be Rs 18,70,000. The stamp duty at 7% would amount to Rs 1,30,900, and the registration fee at 2% would be Rs 37,400, totaling Rs 1,68,300. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Nehru Street?

The Sub Registrar Office that covers Nehru Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. To find your specific SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in property transactions in Naravarikuppam. It is used to determine the stamp duty and registration fees payable when buying or selling property. The guideline value ensures that the transaction is recorded at a fair value, reflecting the current market conditions.

When registering a property, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This process helps maintain transparency and accountability in property transactions within the region.

Frequently asked questions

What is the current guideline value of Nehru Street?

The current guideline value of Nehru Street is Rs 1,870 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,471 per sq.ft in 2002 to Rs 1,870 per sq.ft in 2024, with various revisions in between.

What is the role of the Sub Registrar Office?

The Sub Registrar Office is responsible for registering property transactions and collecting stamp duty and registration fees based on the guideline value.

What are the stamp duty rates for property in Nehru Street?

The stamp duty rate for property transactions in Nehru Street is 7% of the guideline value or the sale price, whichever is higher.

How many streets in Naravarikuppam have a guideline value?

There are 112 streets in Naravarikuppam that have a guideline value, with values ranging from Rs 1,320 to Rs 3,300 per sq.ft as of 2024.