Guideline Value for Krishna Nagar (Ward-23)

Krishna Nagar (Ward-23) guideline value

The current guideline value of Krishna Nagar (Ward-23) is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village and falls under the Madhavaram SRO, classified as Residential Class I Type - I.

How the guideline value of Krishna Nagar (Ward-23) has changed

Over the years, the guideline value of Krishna Nagar (Ward-23) has seen revisions. The earliest recorded revision is from 2012, which set the value at Rs 2,000 per sq.ft. The most recent revision in 2024 raised this figure to Rs 2,200 per sq.ft, marking a 10% increase from the 2012 revision.

For the years 2023, 2017, 2007, 2003, and 2002, the register has no figure for this street. Therefore, the only available revisions are from 2012 and 2024, showing a clear upward adjustment in the guideline value.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with 2024 guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value is Rs 1,600 per sq.ft, and Krishna Nagar (Ward-23) is positioned above this median with its current guideline value of Rs 2,200 per sq.ft.

• Krishna Nagar (Ward No.8): Rs 2,200 per sq.ft (2024)
• Krishna Nagar Roads (Ward No.3): Rs 2,200 per sq.ft (2024)
• Krishna Nagar, Ponniammanmedu (Ward-23): Rs 2,200 per sq.ft (2024)
• Krishna Nagar Extension: Rs 2,200 per sq.ft (2024)
• Krishnappan St (Ward-02): Rs 1,300 per sq.ft (2024)
• Krishnappan st (Ward No.1): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Krishna Nagar (Ward-23)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees together to Rs 1,98,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Krishna Nagar (Ward-23)?

The Sub Registrar Office that covers Krishna Nagar (Ward-23) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a crucial factor when buying or selling property in Madhavaram. It serves as a benchmark for determining the minimum value for registration purposes, ensuring that transactions are documented at a fair value as per government standards.

At the time of registration, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This process helps maintain transparency and accountability in property transactions within the region.

Frequently asked questions

What is the current guideline value of Krishna Nagar (Ward-23)?

The current guideline value of Krishna Nagar (Ward-23) is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value of Krishna Nagar (Ward-23) was Rs 2,000 per sq.ft in 2012 and increased to Rs 2,200 per sq.ft in 2024, reflecting a 10% rise. There are no recorded figures for the years 2023, 2017, 2007, 2003, and 2002.

What is the land classification for Krishna Nagar (Ward-23)?

Krishna Nagar (Ward-23) is classified as Residential Class I Type - I, indicating its designation for residential purposes within the area.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, and the registration fee is 2% of the guideline value. For example, for a property valued at Rs 22,00,000, the total fees would amount to Rs 1,98,000.

Where can I find the Sub Registrar Office for Krishna Nagar (Ward-23)?

The Sub Registrar Office for Krishna Nagar (Ward-23) is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find more details by visiting the relevant link.