Guideline Value for Krishna Iyer Street

Krishna Iyer Street guideline value

The current guideline value of Krishna Iyer Street is Rs 8,800 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village, under the Chennai Central Joint II SRO, and is classified as Residential Special Type - II.

How the guideline value of Krishna Iyer Street has changed

Over the years, the guideline value of Krishna Iyer Street has seen significant changes. In the 2007 revision, the value was Rs 3,000 per sq.ft, which increased to Rs 8,000 per sq.ft in the 2012 revision. However, it then dropped to Rs 5,360 per sq.ft in the 2017 revision. The 2023 revision saw a notable increase to Rs 8,000 per sq.ft, followed by a further rise to Rs 8,800 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

To summarize the changes: from 2007 to 2012, the value increased by 167%, but then it decreased by 33% from 2012 to 2017. From 2017 to 2023, there was a 49% increase, and finally, from 2023 to 2024, the value increased by 10%. Overall, the guideline value has risen by 193% from 2007 to 2024. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median value is Rs 8,800 per sq.ft, which is the same as the guideline value for Krishna Iyer Street.

• Krishnama Lane: Rs 8,800 per sq.ft (2024)
• Krishnama Road: Rs 8,800 per sq.ft (2024)
• Kothari Road: Rs 15,400 per sq.ft (2024)
• Kodambakkam High Road: Rs 15,400 per sq.ft (2024)
• Khader NawazKhan Road: Rs 13,200 per sq.ft (2024)
• Kumarappa Lane: Rs 6,000 per sq.ft (2024)

Stamp duty and registration fee for property in Krishna Iyer Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value would be Rs 88,00,000. The stamp duty at 7% would amount to Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, making the total cost for these fees Rs 7,92,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Krishna Iyer Street?

The Sub Registrar Office that covers Krishna Iyer Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar 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 Nungambakkam

The guideline value is a crucial factor in the registration process when buying or selling property in Nungambakkam. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the transaction is transparent and that the government receives its due revenue.

Frequently asked questions

What is the current guideline value of Krishna Iyer Street?

The current guideline value of Krishna Iyer Street is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, starting from Rs 3,000 per sq.ft in 2007 to Rs 8,800 per sq.ft in 2024, reflecting an overall increase of 193% over this period.

What are the stamp duty and registration fees for properties on Krishna Iyer Street?

For a property valued at Rs 88,00,000, the stamp duty would be Rs 6,16,000 and the registration fee would be Rs 1,76,000, totaling Rs 7,92,000.

Which Sub Registrar Office covers Krishna Iyer Street?

The Chennai Central Joint II Sub Registrar Office covers Krishna Iyer Street, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What is the land classification for Krishna Iyer Street?

Krishna Iyer Street is classified as Residential Special Type - II, which indicates its use for residential purposes under the Chennai Central Joint II SRO.