Guideline Value for KRISHNAVENI AMMAL ROAD

Krishnaveni Ammal Road guideline value

The current guideline value of Krishnaveni Ammal Road is Rs 2,200 per sq.ft, effective from 1 July 2024. This road is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Krishnaveni Ammal Road has changed

The guideline value for Krishnaveni Ammal Road has seen significant changes over the years. In 2002, the guideline value was Rs 149 per sq.ft. This increased to Rs 173 per sq.ft in 2003, marking a rise of 16%. The value then jumped to Rs 300 per sq.ft in 2007, reflecting a substantial increase of 73%. Following that, in 2012, the value was Rs 2,000 per sq.ft, which represented a remarkable increase of 567% from the previous revision. However, it decreased to Rs 1,340 per sq.ft in 2017, a decline of 33%.

From 2017 to 2023, the guideline value rose significantly to Rs 2,000 per sq.ft, which is an increase of 49%. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, marking a 10% increase from the previous year. There are no figures for any other revisions for this street.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median guideline value is Rs 2,200 per sq.ft, which is the same as the current value for Krishnaveni Ammal Road.

• Krishnaveni Avenue: Rs 2,200 per sq.ft (2024)
• Kulakkarai Cross Street: Rs 1,870 per sq.ft (2024)
• Kulakkarai Street: Rs 1,870 per sq.ft (2024)
• Kulasekara Alwar Street: Rs 2,200 per sq.ft (2024)
• Kousalya Nagar Main Road: Rs 2,200 per sq.ft (2024)
• Kousalya Nagar 2nd Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Krishnaveni Ammal Road

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. 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 Krishnaveni Ammal Road?

The Sub Registrar Office that covers Krishnaveni Ammal Road 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. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Medavakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees applicable during the transaction.

When a property is sold, the sale price or the guideline value, whichever is higher, is used to calculate the applicable duties. This ensures that the government receives due revenue from property transactions, reflecting the current market conditions.

Frequently asked questions

What is the current guideline value of Krishnaveni Ammal Road?

The current guideline value of Krishnaveni Ammal Road 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 changed significantly from Rs 149 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 1377% over the years.

What is the land classification for Krishnaveni Ammal Road?

Krishnaveni Ammal Road is classified as Residential Class I Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for Krishnaveni Ammal Road?

The Sub Registrar Office for Krishnaveni Ammal Road is 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 Medavakkam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, if the guideline value is Rs 22,00,000, the stamp duty at 7% would be Rs 1,54,000.