Guideline Value for K.R.K NAGAR

K.R.K Nagar guideline value

The current guideline value of K.R.K Nagar is Rs 550 per sq.ft, effective from 1 July 2024. This area is located in Minjur village under the Ponneri Sub Registrar Office (SRO) and is classified as Residential Class II Type - I.

How the guideline value of K.R.K Nagar has changed

The guideline value for K.R.K Nagar has seen significant changes over the years. In the 2017 revision, the value was set at Rs 335 per sq.ft. This increased to Rs 500 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 has further increased the guideline value to Rs 550 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 in the register for this street.

Guideline values in Minjur

In Minjur village, there are 179 streets under the Ponneri SRO that carry a guideline value for 2024, ranging from Rs 440 to Rs 1,320 per sq.ft. The median guideline value is Rs 550 per sq.ft, which is equal to the current guideline value of K.R.K Nagar.

• Kulakarai South Street: Rs 550 per sq.ft (2024)
• Kulakarai Street: Rs 550 per sq.ft (2024)
• Kulakarai West Street: Rs 550 per sq.ft (2024)
• K.R.Balaji Nagar: Rs 550 per sq.ft (2024)
• K.G.L.Prabu Nagar(I.II,III,): Rs 550 per sq.ft (2024)
• K.G.L.Prabu Nagar: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in K.R.K Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value would be Rs 5,50,000. The stamp duty at 7% would amount to Rs 38,500, and the registration fee at 2% would be Rs 11,000, totaling Rs 49,500. 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 K.R.K Nagar?

K.R.K Nagar falls under the Ponneri Sub Registrar Office, located at 9/5, Taluk Office Road, Ponneri, Chennai-601204. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in property transactions in Minjur. It is used to determine the stamp duty and registration fees applicable during the registration of property transactions. Buyers and sellers must refer to the guideline value to ensure compliance with the legal requirements for property registration.

When a property is sold, the guideline value serves as a benchmark for calculating the taxes due. This ensures that the government collects the appropriate revenue from property transactions based on the established guideline values.

Frequently asked questions

What is the current guideline value of K.R.K Nagar?

The current guideline value of K.R.K Nagar is Rs 550 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed in recent years?

Since the 2017 revision, the guideline value has increased by 64% from Rs 335 per sq.ft to Rs 550 per sq.ft in 2024.

What is the land classification of K.R.K Nagar?

K.R.K Nagar is classified as Residential Class II Type - I, which indicates its suitability for residential development.

Where can I find the Ponneri Sub Registrar Office?

The Ponneri Sub Registrar Office is located at 9/5, Taluk Office Road, Ponneri, Chennai-601204.

How is stamp duty calculated for properties in K.R.K Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 5,50,000 would incur a stamp duty of Rs 38,500 at the rate of 7%.