Guideline Value for NehruTimber Market

NehruTimber Market guideline value

The current guideline value of NehruTimber Market is Rs 13,200 per sq.ft, effective from 1 July 2024. This market is located in Vepery village, under the Periamet SRO, and is classified as Residential Special Type - II.

How the guideline value of NehruTimber Market has changed

The guideline value for NehruTimber Market has seen several revisions over the years. Starting from Rs 4,000 per sq.ft in 2007, it increased significantly to Rs 12,000 per sq.ft in 2012, marking a 200% rise. However, it then decreased to Rs 8,040 per sq.ft in 2017, reflecting a decline of 33%. The value rose again to Rs 12,000 per sq.ft in 2023, and finally reached the current figure of Rs 13,200 per sq.ft in 2024, representing a 10% increase from the previous year.

There are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 230%.

Guideline values in Vepery

In Vepery, there are 290 streets under the Periamet SRO that have a 2024 guideline value ranging from Rs 2,200 to Rs 22,000 per sq.ft, with a median of Rs 4,800 per sq.ft. NehruTimber Market's 2024 figure is above this median.

• Nellichalladai Street: Rs 4,800 per sq.ft (2024)
• Nellukallari street: Rs 4,400 per sq.ft (2024)
• Nehru Nagar: Rs 4,400 per sq.ft (2024)
• Naval Hospital Road: Rs 6,000 per sq.ft (2024)
• Naval Hospital 9th lane: Rs 3,300 per sq.ft (2024)
• Naval Hospital 8th lane: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in NehruTimber Market

For a 1,000 sq.ft plot at the current guideline value of Rs 13,200 per sq.ft, the total guideline value amounts to Rs 1,32,00,000. The stamp duty at 7% would be Rs 9,24,000, and the registration fee at 2% would be Rs 2,64,000, resulting in a total of Rs 11,88,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers NehruTimber Market?

The Sub Registrar Office that covers NehruTimber Market is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Vepery. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold.

When registering a property, the guideline value is compared with the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the registration reflects the true value of the property being transferred.

Frequently asked questions

What is the current guideline value of NehruTimber Market?

The current guideline value of NehruTimber Market is Rs 13,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,000 per sq.ft in 2007 to Rs 13,200 per sq.ft in 2024, with various increases and decreases in between.

What is the land classification for NehruTimber Market?

NehruTimber Market is classified as Residential Special Type - II under the current guidelines.

Where can I find the registration office for NehruTimber Market?

The registration office for NehruTimber Market is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.

How is the stamp duty calculated for properties in NehruTimber Market?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 1,32,00,000, the stamp duty would be Rs 9,24,000 at 7%.