Guideline Value for KRISHNAPILLAI THOTAM 1ST STREET

Krishnapillai Thotam 1st Street guideline value

The current guideline value of Krishnapillai Thotam 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in the Government farm village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class IV Type - II.

How the guideline value of Krishnapillai Thotam 1st Street has changed

The guideline value for Krishnapillai Thotam 1st Street has undergone several revisions over the years. In 2002, the guideline value was Rs 755 per sq.ft, which increased to Rs 853 per sq.ft in 2003, reflecting a change of +13%. The value then saw a significant rise to Rs 2,000 per sq.ft in 2007, marking an increase of +134%. Following this, the value was revised to Rs 3,500 per sq.ft in 2012, which was a decrease of -33% from the previous revision. In 2017, the guideline value rose again to Rs 2,345 per sq.ft, showing an increase of +49%. The most recent revision before the current one was in 2023, where the guideline value was set at Rs 3,500 per sq.ft, and it has now increased to Rs 3,850 per sq.ft in 2024, representing a change of +10%.

There are no figures available for the revisions from years other than those listed. Overall, from 2002 to 2024, the guideline value has increased by +410%.

Guideline values in Government farm

In the Government farm village, there are 35 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 3,850 to Rs 15,400 per sq.ft. The median guideline value for these streets is Rs 8,250 per sq.ft, placing Krishnapillai Thotam 1st Street's 2024 figure below that median.

• Krishnapillai Thotam: Rs 3,850 per sq.ft (2024)
• Krishnapillai Thotam 2nd Street: Rs 3,850 per sq.ft (2024)
• Link Road: Rs 4,400 per sq.ft (2024)
• Loop Street ( Annasalai): Rs 11,000 per sq.ft (2024)
• Lotus Colony (Nandanam): Rs 5,830 per sq.ft (2024)
• Jones Road: Rs 8,250 per sq.ft (2024)

Stamp duty and registration fee for property in Krishnapillai Thotam 1st Street

For a 1,000 sq.ft plot at the current rate of Rs 3,850 per sq.ft, the guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, totaling Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Krishnapillai Thotam 1st Street?

The Sub Registrar Office that covers Krishnapillai Thotam 1st Street is 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 Government farm

The guideline value is an important factor in the registration process when buying or selling property in Government farm. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the transaction is recorded at a value recognized by the government.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to determine the applicable duties. This ensures that the registration process reflects the true value of the property as per government standards.

Frequently asked questions

What is the current guideline value of Krishnapillai Thotam 1st Street?

The current guideline value of Krishnapillai Thotam 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, with the most recent revision in 2024 showing an increase from Rs 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft. Overall, from 2002 to 2024, the guideline value has increased by +410%.

What is the land classification for Krishnapillai Thotam 1st Street?

The land classification for Krishnapillai Thotam 1st Street is Residential Class IV Type - II.

Where can I find the registration office for this area?

The registration office for Krishnapillai Thotam 1st Street is 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.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft plot at the current rate, the total stamp duty and registration fee would amount to Rs 3,46,500.