Guideline Value for KRISHNA AVENUE

Krishna Avenue guideline value

The current guideline value of Krishna Avenue, located in Mylapore village under the Mylapore SRO, is Rs 8,800 per sq.ft, effective from 1 July 2024. This property falls under the Residential Class III Type - III land classification.

How the guideline value of Krishna Avenue has changed

The guideline value for Krishna Avenue has seen significant changes over the years. In 2002, the value was Rs 1,317 per sq.ft, which increased to Rs 1,463 per sq.ft in 2003, marking an 11% rise. The value then experienced a substantial increase of 447% to reach Rs 8,000 per sq.ft by 2012. However, this value decreased by 33% to Rs 5,360 per sq.ft in 2017. The subsequent revision in 2023 brought the value up to Rs 8,000 per sq.ft, and the latest revision in 2024 has set the value at Rs 8,800 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that there is no figure available for Krishna Avenue in the 2007 revision. Overall, from 2002 to 2024, the guideline value has increased by 568%.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median value is Rs 8,800 per sq.ft, which matches the current guideline value of Krishna Avenue.

• Krishnampettai Circular: Rs 3,300 per sq.ft (2024)
• Kolikaran Pettai 1st Lane: Rs 3,300 per sq.ft (2024)
• Kolavizhi Amman Koil Street: Rs 3,300 per sq.ft (2024)
• Kolavizhi Amman Koil 3rd Street: Rs 3,300 per sq.ft (2024)
• Krishnan Street: Rs 8,800 per sq.ft (2024)
• Kolavizhi Amman Koil 2nd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Krishna Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value amounts to Rs 88,00,000. The stamp duty, charged at 7%, would be Rs 6,16,000, and the registration fee, charged at 2%, would be Rs 1,76,000, making the total fees Rs 7,92,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Krishna Avenue?

The Sub Registrar Office that covers Krishna Avenue is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more details.

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

The guideline value is crucial when buying or selling property in Mylapore, as it is used to determine the stamp duty and registration fees applicable during the transaction. Buyers and sellers must consider this value to ensure compliance with local regulations and to understand the financial implications of their property transactions.

When a property is registered, the guideline value serves as a benchmark for the official valuation. This means that the fees are calculated based on the guideline value or the sale price, whichever is higher, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Krishna Avenue?

The current guideline value of Krishna Avenue is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, starting from Rs 1,317 per sq.ft in 2002 to Rs 8,800 per sq.ft in 2024, reflecting an overall increase of 568% over the years.

What are the stamp duty and registration fees for a property on Krishna Avenue?

For a property measuring 1,000 sq.ft, the total guideline value is Rs 88,00,000. The stamp duty would be Rs 6,16,000 and the registration fee would be Rs 1,76,000, totaling Rs 7,92,000.

Which Sub Registrar Office covers Krishna Avenue?

The Mylapore Sub Registrar Office covers Krishna Avenue, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

How is the guideline value used in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It serves as an official valuation benchmark, ensuring that fees are calculated based on the higher of the guideline value or the sale price.