Guideline Value for Krishna Nagar 1st Street

Krishna Nagar 1st Street guideline value

The current guideline value of Krishna Nagar 1st Street is Rs 4,950 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village, under the Virugambakkam SRO, and is classified as Residential Class II Type - II.

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

Over the years, the guideline value of Krishna Nagar 1st Street has seen significant changes. The earliest recorded figure in the register is from 2002, which was Rs 385 per sq.ft. This value increased to Rs 427 per sq.ft in 2003, marking an increase of 11%. The following revisions saw further increases, with the value rising to Rs 750 per sq.ft in 2007, reflecting a substantial increase of 76%. In 2012, the guideline value was recorded at Rs 4,500 per sq.ft, which was a notable drop of 500% from the previous revision.

From 2012, the guideline value rose again to Rs 3,015 per sq.ft in 2017, showing a decrease of 33%. The subsequent revision in 2023 set the value at Rs 4,500 per sq.ft, and the most recent revision in 2024 has increased it to Rs 4,950 per sq.ft, representing a 10% rise. Overall, from 2002 to 2024, the guideline value has increased by 1186%.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, placing Krishna Nagar 1st Street above this median.

• Krishna Nagar 2nd Street: Rs 4,400 per sq.ft (2024)
• Krishna Nagar 3rd Street: Rs 4,400 per sq.ft (2024)
• Krishna Nagar 4th Street: Rs 4,400 per sq.ft (2024)
• Krishna Nagar 5th Street: Rs 4,400 per sq.ft (2024)
• Krishna Nagar 6th Street: Rs 4,400 per sq.ft (2024)
• K.K.Nagar 9th Sector 53rd Street: Rs 7,150 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 guideline value of Rs 4,950 per sq.ft, the total guideline value amounts to Rs 49,50,000. The stamp duty at 7% would be Rs 3,46,500, and the registration fee at 2% would be Rs 99,000, bringing the total charges to Rs 4,45,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Krishna Nagar 1st Street?

The Sub Registrar Office that covers Krishna Nagar 1st Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is a crucial factor during property registration in Virugambakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that transactions are conducted transparently and fairly.

When buying or selling a property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both buyers and sellers are aware of the financial obligations associated with the transaction, based on the established guideline values.

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 4,950 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 385 per sq.ft in 2002 and increasing to Rs 4,950 per sq.ft in 2024, marking an overall increase of 1186% over the years.

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

Krishna Nagar 1st Street is classified as Residential Class II Type - II, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for Krishna Nagar 1st Street?

The Sub Registrar Office for Krishna Nagar 1st Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

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 of the property. For example, for a property valued at Rs 49,50,000, the stamp duty would be 7% of that amount.