Guideline Value for KRISHNA NAGAR 7TH STREET

Krishna Nagar 7th Street guideline value

The current guideline value of Krishna Nagar 7th 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 is classified as Residential Class IV Type - II.

How the guideline value of Krishna Nagar 7th Street has changed

The guideline value for Krishna Nagar 7th Street has undergone several revisions over the years. As of 2002, the guideline value was Rs 283 per sq.ft. This increased to Rs 316 per sq.ft in 2003, marking a 12% rise. The value saw significant growth to Rs 700 per sq.ft in 2007, representing a 122% increase. In 2012, it was recorded at Rs 1,500 per sq.ft, which was a 114% increase from the previous revision. However, this value dropped by 33% to Rs 1,005 per sq.ft in 2017. The 2023 revision set the value at Rs 1,500 per sq.ft, followed by the latest revision in 2024, which established the current value at Rs 1,700 per sq.ft, a 13% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 501%. There are no figures available for revisions in years other than those specified.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO that carry a 2024 guideline value, 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, indicating that the guideline value of Krishna Nagar 7th Street is below this median.

• Krishna Nagar 6th Street: Rs 1,700 per sq.ft (2024)
• Krishna Nagar 8th Street: Rs 1,700 per sq.ft (2024)
• Krishna Nagar 5th Street: Rs 1,700 per sq.ft (2024)
• Krishna Nagar 4th Street: Rs 1,700 per sq.ft (2024)
• Krishna Nagar 4th Cross Street: Rs 1,700 per sq.ft (2024)
• Krishna Nagar 3rd Street: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Krishna Nagar 7th Street

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

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

Which Sub Registrar Office covers Krishna Nagar 7th Street?

The Sub Registrar Office that covers Krishna Nagar 7th 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 is a crucial factor in the registration process when buying or selling property in Palavakkam. It is used to determine the stamp duty and registration fees that need to be paid during the transaction. The guideline value ensures that the property is assessed at a standard rate, which helps in maintaining transparency in property transactions.

When a property is sold, the buyer and seller must consider the guideline value to calculate the applicable fees accurately. This value acts as a benchmark for both parties, ensuring that the transaction is conducted fairly and in accordance with the regulations set by the local authorities.

Frequently asked questions

What is the current guideline value of Krishna Nagar 7th Street?

The current guideline value of Krishna Nagar 7th 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 significantly from Rs 283 per sq.ft in 2002 to Rs 1,700 per sq.ft in 2024, representing an overall increase of 501% over this period.

What is the land classification of Krishna Nagar 7th Street?

Krishna Nagar 7th Street is classified as Residential Class IV Type - II.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is the stamp duty calculated for properties in Krishna Nagar 7th Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, at the current guideline value of Rs 1,700 per sq.ft, the total fees can be calculated accordingly.