Guideline Value for KRISHNA NAGAR 8TH STREET

Krishna Nagar 8th Street guideline value

The current guideline value of Krishna Nagar 8th 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 8th Street has changed

The guideline value for Krishna Nagar 8th Street has seen several revisions over the years. In 2002, the value was Rs 283 per sq.ft, which increased to Rs 316 per sq.ft in 2003, marking a 12% rise. The value then saw a significant increase of 122% to Rs 700 per sq.ft in 2007. Following this, the value rose by 114% to Rs 1,500 per sq.ft in 2012. However, there was a decrease of 33% to Rs 1,005 per sq.ft in 2017. The value then increased by 49% to Rs 1,500 per sq.ft in 2023, and finally, it rose by 13% to the current rate of Rs 1,700 per sq.ft in 2024.

Overall, from 2002 to 2024, the guideline value has increased by 501%. The register has no figures for the years not mentioned in the revisions.

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, with a median value of Rs 3,300 per sq.ft. The guideline value of Krishna Nagar 8th Street is below this median.

• Krishna Nagar 7th Street: Rs 1,700 per sq.ft (2024)
• Krishna Nagar 6th 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 8th 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, bringing the total charges to Rs 1,53,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Krishna Nagar 8th Street?

The Neelankarai Sub Registrar Office covers Krishna Nagar 8th Street. The office is 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 during the registration of property transactions in Palavakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property.

When a property is registered, the guideline value is compared with the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the transaction is recorded accurately and complies with the regulations set by the local authorities.

Frequently asked questions

What is the current guideline value of Krishna Nagar 8th Street?

The current guideline value of Krishna Nagar 8th Street is Rs 1,700 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 283 per sq.ft in 2002 to Rs 1,700 per sq.ft in 2024, marking an overall increase of 501% over the years.

What are the stamp duty and registration fees for properties in Krishna Nagar 8th Street?

For a 1,000 sq.ft plot, the total guideline value would be Rs 17,00,000. The stamp duty would be Rs 1,19,000, and the registration fee would be Rs 34,000, totaling Rs 1,53,000.

Which Sub Registrar Office is responsible for Krishna Nagar 8th Street?

The Neelankarai Sub Registrar Office is responsible for Krishna Nagar 8th Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

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 is compared with the sale price, and the higher amount is used for calculating the applicable duties and fees.