Guideline Value for KRISHNA NAGAR

Krishna Nagar guideline value

The current guideline value of Krishna Nagar, located in Pallikaranai village, is Rs 1,650 per sq.ft. This value is set by the Chennai South Joint I SRO and falls under the Residential Class IV Type - I land classification. The guideline value is effective from 1 July 2024.

How the guideline value of Krishna Nagar has changed

The guideline value for Krishna Nagar has seen several revisions over the years. The earliest recorded value was Rs 55 per sq.ft in 2002, which increased to Rs 100 per sq.ft in 2003. Following this, the value rose significantly to Rs 400 per sq.ft in 2007, and then to Rs 1,500 per sq.ft in 2012. However, it decreased to Rs 1,005 per sq.ft in 2017 before climbing to Rs 1,500 per sq.ft in 2023. The most recent revision in 2024 set the value at Rs 1,650 per sq.ft.

In terms of percentage changes, the value increased by 82% from 2002 to 2003, followed by a 300% rise from 2003 to 2007. The value then saw a 275% increase from 2007 to 2012, followed by a decrease of 33% from 2012 to 2017. After that, it rose by 49% from 2017 to 2023, and finally, there was a 10% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 2900%.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO, with the 2024 guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, which is the same as the guideline value for Krishna Nagar.

• Krishna Nagar 1st Cross Street: Rs 1,650 per sq.ft (2024)
• KRISHNA NAGAR 2nd CROSS STREET: Rs 1,650 per sq.ft (2024)
• KRISHNA NAGAR 3rd CROSS STREET: Rs 1,650 per sq.ft (2024)
• Krishna Nagar 3rd Street: Rs 1,650 per sq.ft (2024)
• Krishna Nagar Cross Street: Rs 1,650 per sq.ft (2024)
• Krishna Nagar Gandhi Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Krishna Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Krishna Nagar?

The Krishna Nagar area is covered by the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in property transactions in Pallikaranai. It is used to determine the stamp duty and registration fees that buyers and sellers must pay during the registration process. This value helps ensure that the government collects appropriate taxes based on the property's worth.

When a property is bought or sold, the guideline value is compared to the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees. This ensures that the transaction is accurately recorded and taxed according to the prevailing regulations.

Frequently asked questions

What is the current guideline value of Krishna Nagar?

The current guideline value of Krishna Nagar is Rs 1,650 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 55 per sq.ft in 2002 to Rs 1,650 per sq.ft in 2024, reflecting an overall increase of 2900% over the years.

What is the stamp duty rate for properties in Krishna Nagar?

The stamp duty rate for properties in Krishna Nagar is 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Krishna Nagar located?

The Sub Registrar Office for Krishna Nagar is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is the guideline value used in property transactions?

The guideline value is used to calculate the stamp duty and registration fees during property transactions. It is compared to the sale price, and the higher value is used for tax calculations.