Guideline Value for KRV NAGAR

Krv Nagar guideline value

The current guideline value of Krv Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is located in Koladi village under the Chennai South Joint II SRO, classified as Residential Class I Type - II.

How the guideline value of Krv Nagar has changed

The guideline value for Krv Nagar has undergone several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which decreased to Rs 1,005 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 1,500 per sq.ft in the 2023 revision, and then further rose to Rs 1,650 per sq.ft in the 2024 revision. The register has no figures for the years 2002, 2003, and 2007.

From 2012 to 2017, there was a decrease of 33%. However, the subsequent revisions saw an increase of 49% from 2017 to 2023, followed by a 10% increase from 2023 to 2024. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Koladi

In Koladi, there are 175 streets under the Chennai South Joint II SRO that have a 2024 guideline value ranging from Rs 660 to Rs 4,000 per sq.ft, with a median value of Rs 1,100 per sq.ft. The guideline value of Krv Nagar at Rs 1,650 per sq.ft is above this median.

• Kulakkarai Street: Rs 660 per sq.ft (2024)
• Krishna Nagar: Rs 1,100 per sq.ft (2024)
• Kumar Street: Rs 1,100 per sq.ft (2024)
• Kumar Street 2nd Cross Road: Rs 1,100 per sq.ft (2024)
• Kumar Street Main And Cross Street: Rs 1,100 per sq.ft (2024)
• Koladi Yadhawal Street Main And Cross: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Krv Nagar

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

Which Sub Registrar Office covers Krv Nagar?

The Sub Registrar Office that covers Krv Nagar is the Chennai South Joint II 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 Koladi

The guideline value is a crucial factor in property transactions in Koladi, as it determines the stamp duty and registration fees payable during the registration process. Buyers and sellers must consider this value to understand their financial obligations when completing a property transaction.

When a property is sold, the guideline value is often used as a benchmark to assess the sale price. If the sale price exceeds the guideline value, the stamp duty is calculated based on the higher amount, ensuring that the registration fees reflect the true value of the property being transferred.

Frequently asked questions

What is the current guideline value of Krv Nagar?

The current guideline value of Krv 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 from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What is the land classification of Krv Nagar?

Krv Nagar is classified as Residential Class I Type - II, indicating its suitability for residential development.

What are the stamp duty rates in Krv Nagar?

The stamp duty in Krv Nagar is charged at 7% of the guideline value or the sale price, whichever is higher. Additionally, there is a registration fee of 2%.

Which Sub Registrar Office covers Koladi?

The Chennai South Joint II Sub Registrar Office covers Koladi, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.