Guideline Value for Nehru Street

Nehru Street guideline value

The current guideline value of Nehru Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village and falls under the Virugambakkam SRO. The land classification for this street is Residential Class IV Type - I.

How the guideline value of Nehru Street has changed

The guideline value for Nehru Street has undergone several revisions over the years. The earliest recorded figure is from 2002, with a guideline value of Rs 300 per sq.ft. This increased to Rs 333 per sq.ft in 2003, marking an 11% rise. The value then saw a substantial increase of 125% to Rs 750 per sq.ft in 2007. Following this, the value jumped 300% to Rs 3,000 per sq.ft in 2012. However, there was a decline of 33% to Rs 2,010 per sq.ft in 2017, before rising again to Rs 3,000 per sq.ft in 2023, and finally reaching the current value of Rs 3,300 per sq.ft in 2024, reflecting a 10% increase from the previous year.

There are no recorded figures for Nehru Street in the revisions of years other than those mentioned. Overall, from 2002 to 2024, the guideline value has increased by 1000%.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, indicating that Nehru Street's 2024 figure is below this median.

• New Bangaru Naidu Colony 1st Street: Rs 4,950 per sq.ft (2024)
• New Bangaru Naidu Colony 2nd Street: Rs 4,950 per sq.ft (2024)
• New Colony 1st Cross Street: Rs 4,400 per sq.ft (2024)
• New Colony 1st Street: Rs 4,400 per sq.ft (2024)
• New Colony 2nd Cross Street: Rs 4,400 per sq.ft (2024)
• New Colony 2nd Street: 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 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total charges to Rs 2,97,000. It is important to note that stamp duty is charged on the higher of the guideline value or the sale price.

For more information, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nehru Street?

The Sub Registrar Office that covers Nehru Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration process of property transactions in Virugambakkam. It serves as a benchmark to assess the value of the property being sold or purchased, ensuring that the transaction is recorded at a fair value according to government standards.

When a buyer or seller approaches the registration office, the guideline value is used to calculate the applicable stamp duty and registration fees. This helps in ensuring that all transactions comply with the legal requirements set forth by the state government.

Frequently asked questions

What is the current guideline value of Nehru Street?

The current guideline value of Nehru Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 300 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, marking a significant overall increase of 1000% over this period.

What is the median guideline value in Virugambakkam?

The median guideline value in Virugambakkam is Rs 4,400 per sq.ft, indicating that Nehru Street's current guideline value is below this median.

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

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Where is the Sub Registrar Office for Nehru Street located?

The Sub Registrar Office for Nehru Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.