Guideline Value for KRISHNA NAGAR

Krishna Nagar guideline value

The current guideline value of Krishna Nagar, located in Nerkundram village under the Virugambakkam SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class IV Type - I land classification.

How the guideline value of Krishna Nagar has changed

Since the 2002 revision, the guideline value for Krishna Nagar has seen significant changes. In 2002, the guideline value was Rs 134 per sq.ft, which increased to Rs 250 per sq.ft in 2003, marking an increase of 87%. The value continued to rise, reaching Rs 300 per sq.ft in 2007, a 20% increase from the previous year. However, there was a substantial jump to Rs 2,000 per sq.ft in 2012, representing a remarkable 567% increase. The value then fell to Rs 1,340 per sq.ft in 2017, a decrease of 33%. The 2023 revision saw an increase to Rs 2,000 per sq.ft, followed by another increase to Rs 2,200 per sq.ft in 2024, which is a 10% rise.

Overall, the guideline value has increased by 1,542% from 2002 to 2024. The register has no figure for the years not mentioned in the revisions for this street.

Guideline values in Nerkundram

Nerkundram village has a total of 476 streets under the Virugambakkam SRO, with guideline values ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, which is equal to the current guideline value of Krishna Nagar.

• Kothandaraman Nagar Extension: Rs 2,500 per sq.ft (2024)
• Kothandaraman Nagar: Rs 2,750 per sq.ft (2024)
• Kumudavalli Avenue: Rs 2,200 per sq.ft (2024)
• Karuneegar Street: Rs 2,750 per sq.ft (2024)
• L.G.G.S. Colony: Rs 2,200 per sq.ft (2024)
• KANNIAMAN NAGAR - Veeramamunivar Street: Rs 2,200 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 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. 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?

The Krishna Nagar area is covered by the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property transactions in Nerkundram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is compared with the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, which are mandatory for the legal transfer of property ownership.

Frequently asked questions

What is the current guideline value of Krishna Nagar?

The current guideline value of Krishna Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 134 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, showing an overall increase of 1,542% over this period.

What are the stamp duty and registration fees for property in Krishna Nagar?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which Sub Registrar Office covers Krishna Nagar?

The Virugambakkam Sub Registrar Office covers Krishna Nagar, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Krishna Nagar?

Krishna Nagar falls under the Residential Class IV Type - I land classification, which is important for understanding the zoning and usage regulations in the area.