Guideline Value for Neru Street (M.g.r Nagar 1st Kulakkarai Street Varai)

Neru street (M.G.R Nagar 1st kulakkarai street varai) guideline value

The current guideline value of Neru street (M.G.R Nagar 1st kulakkarai street varai) is Rs 1,100 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village and falls under the Tambaram Joint 1 SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Neru street (M.G.R Nagar 1st kulakkarai street varai) has changed

The guideline value for Neru street has seen several revisions over the years. In the 2012 revision, the value was set at Rs 1,000 per sq.ft. This was followed by a decrease to Rs 670 per sq.ft in the 2017 revision, marking a 33% drop. However, from 2017 to 2023, the value increased significantly to Rs 1,000 per sq.ft, a rise of 49%. The most recent revision in 2024 has set the value at Rs 1,100 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO that have a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, placing Neru street's 2024 figure below this median.

• Nelson Mandela Street: Rs 1,650 per sq.ft (2024)
• Nethaji subash santhiraposh street: Rs 1,100 per sq.ft (2024)
• Nehru Street (MGR Nagar Ist Kulakkarai St): Rs 1,650 per sq.ft (2024)
• Nehru Street MGR Nagar Ist: Rs 1,650 per sq.ft (2024)
• Nehru Street: Rs 1,650 per sq.ft (2024)
• New Plot Division: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Neru street (M.G.R Nagar 1st kulakkarai street varai)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value would be Rs 11,00,000. The stamp duty, calculated at 7%, would amount to Rs 77,000, and the registration fee at 2% would be Rs 22,000, bringing the total to Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Neru street (M.G.R Nagar 1st kulakkarai street varai)?

The Sub Registrar Office that covers Neru street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Chitlapakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value.

When registering a property, buyers and sellers must be aware that the guideline value will influence the stamp duty and registration fees. These costs are calculated based on the guideline value or the sale price, whichever is higher, ensuring that the state receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Neru street?

The current guideline value of Neru street (M.G.R Nagar 1st kulakkarai street varai) is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2012 to Rs 670 per sq.ft in 2017, then back to Rs 1,000 per sq.ft in 2023, and finally to Rs 1,100 per sq.ft in 2024.

What is the land classification for Neru street?

Neru street is classified as Residential Class II Type - II, indicating its suitability for residential purposes.

Where can I find the Sub Registrar Office for Neru street?

The Sub Registrar Office covering Neru street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, mes Road, East Tambaram, Chennai-600059.

How is stamp duty calculated for properties in Chitlapakkam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 11,00,000, the stamp duty would be Rs 77,000 at a rate of 7%.