Guideline Value for KRISHNA NAGAR 2ND STREET

Krishna Nagar 2nd Street guideline value

The current guideline value of Krishna Nagar 2nd Street is Rs 1,700 per sq.ft, effective from 1 July 2024. This street is located in Palavakkam village, under the Neelankarai SRO, and falls under the Residential Class IV Type - II land classification.

How the guideline value of Krishna Nagar 2nd Street has changed

Over the years, the guideline value of Krishna Nagar 2nd Street has seen several revisions. Starting from the 2002 revision, the value was Rs 283 per sq.ft. This increased to Rs 316 per sq.ft in 2003, marking a 12% rise. The value then saw a significant jump to Rs 700 per sq.ft in 2007, which was a 122% increase. Following this, the 2012 revision set the value at Rs 1,500 per sq.ft, reflecting a 114% increase. However, in 2017, the value decreased to Rs 1,005 per sq.ft, which was a 33% drop. The 2023 revision brought the value back up to Rs 1,500 per sq.ft, and the latest revision in 2024 set it at Rs 1,700 per sq.ft, a 13% increase from the previous year.

In summary, the guideline value has changed significantly from Rs 283 per sq.ft in 2002 to Rs 1,700 per sq.ft in 2024, resulting in an overall increase of 501% over this period. The register has no figures for the years not mentioned above.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing Krishna Nagar 2nd Street's 2024 figure below this median.

• Krishna Nagar 3rd Cross Street: Rs 1,700 per sq.ft (2024)
• Krishna Nagar 1st Street: Rs 1,700 per sq.ft (2024)
• Krishna Nagar 3rd Street: Rs 1,700 per sq.ft (2024)
• Krishna Nagar 4th Cross Street: Rs 1,700 per sq.ft (2024)
• Krishna Nagar 4th Street: Rs 1,700 per sq.ft (2024)
• Krishna Nagar 5th Street: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Krishna Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value would be Rs 17,00,000. The stamp duty at 7% would amount to Rs 1,19,000, and the registration fee at 2% would be Rs 34,000. Together, the total cost for stamp duty and registration fees would be Rs 1,53,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Krishna Nagar 2nd Street?

The Sub Registrar Office that covers Krishna Nagar 2nd Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration of property transactions in Palavakkam. When a property is bought or sold, the guideline value is used to determine the stamp duty and registration fees that need to be paid. This ensures that the fees are calculated based on a standardized value set by the government.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly impacts the overall cost of the transaction. Understanding the guideline value helps in making informed decisions during property dealings in the area.

Frequently asked questions

What is the current guideline value of Krishna Nagar 2nd Street?

The current guideline value of Krishna Nagar 2nd Street is Rs 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 283 per sq.ft in 2002 to Rs 1,700 per sq.ft in 2024, with various revisions in between. Notably, there was a significant increase of 501% from 2002 to 2024.

What is the land classification for Krishna Nagar 2nd Street?

Krishna Nagar 2nd Street falls under the Residential Class IV Type - II land classification, which is important for understanding its usage and development potential.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2%. For example, for a 1,000 sq.ft plot at the current guideline value, the total cost for these fees would be Rs 1,53,000.

Where is the Neelankarai Sub Registrar Office located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. This office handles registrations for properties in Krishna Nagar 2nd Street.