Guideline Value for Nehru Street

Nehru Street guideline value

The current guideline value of Nehru Street in Velachery village, under the Velacheri SRO, is Rs 3,850 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - III land classification.

How the guideline value of Nehru Street has changed

The guideline value for Nehru Street has seen significant changes over the years. In the 2003 revision, the value was Rs 221 per sq.ft, which increased to Rs 1,500 per sq.ft in 2007. This was a substantial rise of 579%. The 2012 revision saw the value reach Rs 3,500 per sq.ft, marking a 133% increase from the previous revision. However, in 2017, the value dropped to Rs 2,345 per sq.ft, reflecting a decrease of 33%. The 2023 revision set the value at Rs 3,500 per sq.ft, which then increased by 10% to reach the current value of Rs 3,850 per sq.ft in 2024.

Overall, from 2003 to 2024, the guideline value has increased by 1642%. It is important to note that there is no figure available for Nehru Street in the 2002 revision.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. Nehru Street's current guideline value is below this median.

• Nehru Street, Lakshmi Nagar Extn, Kumaran Nagar: Rs 3,850 per sq.ft (2024)
• Nehru Nagar Veera Vanchinathan Street: Rs 3,850 per sq.ft (2024)
• Nehru Nagar Veerapandia Kattabomman Street: Rs 3,850 per sq.ft (2024)
• Nehru Nagar Thiru. V.K. Street: Rs 3,850 per sq.ft (2024)
• Nehru Nagar Thiruvalluvar Street: Rs 3,850 per sq.ft (2024)
• Nehru Nagar (S.No.299/2E): Rs 4,400 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 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. 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 Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is crucial during the registration process of property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is transparent and fair.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory costs associated with property transactions. These fees are based on the higher of the guideline value or the actual sale price, ensuring that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Nehru Street?

The current guideline value of Nehru Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 221 per sq.ft in 2003 to Rs 3,850 per sq.ft in 2024, which is an overall increase of 1642%.

What are the other streets with the same guideline value in Velachery?

Other streets in Velachery that share the same guideline value of Rs 3,850 per sq.ft include Nehru Street, Lakshmi Nagar Extn, Kumaran Nagar, and several streets in Nehru Nagar.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher, while the registration fee is charged at 2% of the same. For example, for a 1,000 sq.ft plot at the current rate, the total stamp duty and registration fees would amount to Rs 3,46,500.

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

The Sub Registrar Office for Nehru Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find more information about your SRO online.