Guideline Value for Krishna Nagar 1st Street

Krishna Nagar 1st Street guideline value

The current guideline value of Krishna Nagar 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Peravallur village, under the Sembiam SRO, and is classified as Commercial Special Type - II.

How the guideline value of Krishna Nagar 1st Street has changed

The guideline value for Krishna Nagar 1st Street has undergone several revisions over the years. In 2002, the guideline value was Rs 360 per sq.ft, which increased to Rs 392 per sq.ft in 2003. Following this, there was a significant rise to Rs 700 per sq.ft in 2007, and the value further increased to Rs 3,000 per sq.ft in 2012. However, between 2012 and 2017, the value decreased by 33% to Rs 2,010 per sq.ft. The value then rose sharply to Rs 3,000 per sq.ft in 2023, and most recently, it has increased by 10% to Rs 3,300 per sq.ft in the 2024 revision.

Overall, from 2002 to 2024, the guideline value has increased by 817%. There are no figures available for the revisions in years other than those listed above.

Guideline values in Peravallur

In Peravallur village, there are 423 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 7,100 per sq.ft. The median value for these streets is Rs 3,301 per sq.ft, placing Krishna Nagar 1st Street's 2024 figure slightly below that median.

• Krishna Nagar 2nd Street: Rs 3,301 per sq.ft (2024)
• Krishna Nagar 3rd Street: Rs 3,301 per sq.ft (2024)
• Krishnamurthy Street @ Bashyam 3rd Street: Rs 3,301 per sq.ft (2024)
• Krishnamurthy Street: Rs 3,301 per sq.ft (2024)
• Krishna Nagar Main Road: Rs 3,301 per sq.ft (2024)
• Kolathur Road: Rs 4,200 per sq.ft (2024)

Stamp duty and registration fee for property in Krishna Nagar 1st Street

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. 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 accurate calculations.

Which Sub Registrar Office covers Krishna Nagar 1st Street?

The Sub Registrar Office that covers Krishna Nagar 1st Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. For more information, you can find your SRO.

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

The guideline value is a crucial factor during the registration of property transactions in Peravallur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees.

When buying or selling property, the guideline value is compared with the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, ensuring compliance with the legal requirements of property transactions.

Frequently asked questions

What is the current guideline value of Krishna Nagar 1st Street?

The current guideline value of Krishna Nagar 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 360 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 817% over the years.

What is the land classification for Krishna Nagar 1st Street?

Krishna Nagar 1st Street is classified as Commercial Special Type - II.

Where can I find the Sembiam Sub Registrar Office?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011.

How is stamp duty calculated for properties in Krishna Nagar 1st Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at a rate of 7%.