Guideline Value for KRISHNAMPETTAI CIRCULAR

Krishnampettai Circular guideline value

The current guideline value of Krishnampettai Circular is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Mylapore village and falls under the Mylapore SRO. The land classification is Residential Class V Type - III.

How the guideline value of Krishnampettai Circular has changed

The guideline value for Krishnampettai Circular has seen several revisions over the years. In 2002, the value was Rs 524 per sq.ft, which increased to Rs 582 per sq.ft in 2003. Following this, the value rose significantly to Rs 3,000 per sq.ft in 2012, but then dropped to Rs 2,010 per sq.ft in 2017. The 2023 revision brought it back up to Rs 3,000 per sq.ft, and the latest revision in 2024 has set it at Rs 3,300 per sq.ft.

Notably, there is no figure available for the year 2007 for this street. The changes between revisions are as follows: from 2002 to 2003, there was an increase of 11%; from 2003 to 2012, the value increased by 415%; however, from 2012 to 2017, there was a decrease of 33%. The value then increased by 49% from 2017 to 2023, and finally, there was a 10% increase from 2023 to 2024.

Guideline values in Mylapore

In the village of Mylapore, there are 883 streets under the Mylapore SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, placing Krishnampettai Circular's 2024 figure below that median.

• Krishna Avenue: Rs 8,800 per sq.ft (2024)
• Krishnan Street: Rs 8,800 per sq.ft (2024)
• Krishnapuram Street: Rs 15,900 per sq.ft (2024)
• Krishnapuri 1st Street: Rs 11,500 per sq.ft (2024)
• Krishnapuri 2nd Street: Rs 11,500 per sq.ft (2024)
• Krishnapuri Main Road: Rs 11,500 per sq.ft (2024)

Stamp duty and registration fee for property in Krishnampettai Circular

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Krishnampettai Circular?

The Sub Registrar Office that covers Krishnampettai Circular is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Mylapore. It serves as a benchmark for determining the stamp duty and registration fees that are applicable during the transaction.

When a property is sold, the buyer and seller must ensure that the transaction is registered at the Sub Registrar Office, where the guideline value will be referenced to calculate the necessary fees. This ensures compliance with local regulations and accurate documentation of the property transfer.

Frequently asked questions

What is the current guideline value of Krishnampettai Circular?

The current guideline value of Krishnampettai Circular is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 524 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting various increases and decreases across the years.

What is the significance of the guideline value?

The guideline value is used to determine the stamp duty and registration fees when buying or selling properties in Mylapore, ensuring that transactions are compliant with local regulations.

Where can I find the Sub Registrar Office for Krishnampettai Circular?

The Sub Registrar Office for Krishnampettai Circular is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

How is the stamp duty calculated for properties in Krishnampettai Circular?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a total of Rs 2,97,000 in fees.