Guideline Value for Nehru Street

Nehru Street guideline value

The current guideline value of Nehru Street in Padiyanallur village, under the Redhills SRO, is Rs 770 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 for Nehru Street has seen several revisions over the years. In the 2003 revision, the value was Rs 171 per sq.ft, which increased significantly to Rs 400 per sq.ft in 2007. Following this, the value rose to Rs 700 per sq.ft in 2012, before dropping to Rs 469 per sq.ft in 2017. The 2023 revision set the value at Rs 700 per sq.ft, and the most recent 2024 revision has increased it to Rs 770 per sq.ft, marking a 10% rise from the previous year.

Overall, from the 2003 revision to the 2024 revision, the guideline value has increased by 350%. The register has no figure for the 2002 revision for this street.

Guideline values in Padiyanallur

Padiyanallur village has 132 streets under the Redhills SRO, with guideline values ranging from Rs 385 to Rs 2,750 per sq.ft. The median guideline value is Rs 770 per sq.ft, which is the same as the current value for Nehru Street.

• Nethaji Nagar: Rs 770 per sq.ft (2024)
• Nethaji Street: Rs 1,320 per sq.ft (2024)
• Nedunchezhiyan Street: Rs 770 per sq.ft (2024)
• N.S.C. Bose Street (Bhavani Nagar): Rs 770 per sq.ft (2024)
• Muthu Mari Amman Street: Rs 770 per sq.ft (2024)
• Oungsan Street: Rs 770 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 770 per sq.ft, the total guideline value amounts to Rs 7,70,000. The stamp duty at 7% would be Rs 53,900, and the registration fee at 2% would be Rs 15,400, bringing the total cost for these fees to Rs 69,300. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, 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 Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property transactions in Padiyanallur. It determines the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value serves as a reference point for both parties. It is essential to be aware of the latest 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 770 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 171 per sq.ft in 2003 to Rs 770 per sq.ft in 2024, reflecting an overall increase of 350% over this period.

What is the purpose of the guideline value?

The guideline value is used to determine the minimum price for property registration, ensuring that the government collects appropriate stamp duty and registration fees during property transactions.

Where can I find the Sub Registrar Office for Nehru Street?

The Sub Registrar Office for Nehru Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2% of the same value. For example, for a 1,000 sq.ft plot at Rs 770 per sq.ft, the total fees would amount to Rs 69,300.