Guideline Value for Nehru Street

Nehru Street guideline value

The current guideline value of Nehru Street in Sholavaram village, under the Redhills SRO, is Rs 1,320 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - I.

How the guideline value of Nehru Street has changed

The guideline value of Nehru Street has seen several revisions over the years. The 2007 revision set the value at Rs 600 per sq.ft, which increased to Rs 1,200 per sq.ft in 2012. However, in 2017, the value decreased to Rs 804 per sq.ft. The 2023 revision raised it to Rs 1,200 per sq.ft, and the most recent 2024 revision has further increased it to Rs 1,320 per sq.ft, marking a 10% rise from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 120%. Notably, there are no figures available for the years 2002 and 2003 in the register for this street.

Guideline values in Sholavaram

In Sholavaram, there are 98 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 515 to Rs 3,500 per sq.ft, with a median value of Rs 660 per sq.ft. Nehru Street's 2024 figure is above this median.

• New Diamond City: Rs 550 per sq.ft (2024)
• New Star City Diamond: Rs 770 per sq.ft (2024)
• New Sun City: Rs 550 per sq.ft (2024)
• New Sun City Annex: Rs 1,005 per sq.ft (2024)
• New Sun City Annexe-II: Rs 1,005 per sq.ft (2024)
• New Sun City Annexe-III: Rs 1,005 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 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, resulting in a total of Rs 1,18,800. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Nehru Street?

The Sub Registrar Office covering 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 information.

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

The guideline value plays a crucial role when buying or selling property in Sholavaram. It is used to determine the stamp duty and registration fees that buyers must pay during the registration process. The fees are calculated based on the guideline value or the sale price, whichever is higher.

When completing a property transaction, both buyers and sellers should be aware of the current guideline value to ensure compliance with local regulations and to accurately assess the costs involved in the transaction.

Frequently asked questions

What is the current guideline value of Nehru Street?

The current guideline value of Nehru Street is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 600 per sq.ft to Rs 1,320 per sq.ft in 2024, marking an overall increase of 120%.

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

For a 1,000 sq.ft plot at the current rate, the total stamp duty is Rs 92,400, and the registration fee is Rs 26,400, totaling Rs 1,18,800.

Which office handles registrations for Nehru Street?

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

What is the land classification for Nehru Street?

The land classification for Nehru Street is Residential Special Type - I, which is important for understanding zoning and usage regulations.