Guideline Value for Krishna Nagar 1st Street

Krishna Nagar 1st Street guideline value

The current guideline value of Krishna Nagar 1st Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Zaminpallavaram village, under the Pallavaram SRO, and is classified as Residential Class II Type - I.

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. Starting from the 2003 revision, the value was Rs 218 per sq.ft. This increased significantly to Rs 600 per sq.ft in 2007, followed by a remarkable rise to Rs 2,500 per sq.ft in 2012. However, it saw a decrease to Rs 1,675 per sq.ft in 2017. The value then increased to Rs 2,500 per sq.ft in 2023, and the most recent revision in 2024 set the value at Rs 2,750 per sq.ft.

From the 2017 to 2023 revision, there was a notable increase of 49%. The 2023 to 2024 revision saw a 10% increase. The 2012 to 2017 revision showed a decrease of 33%, while the 2007 to 2012 revision experienced a substantial increase of 317%. The 2003 to 2007 revision also saw a significant increase of 175%. Overall, from 2003 to 2024, the guideline value has increased by 1161%. It is important to note that the register has no figure for this street for the year 2002.

Guideline values in Zaminpallavaram

In Zaminpallavaram, there are 638 streets under the Pallavaram SRO, with guideline values ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median guideline value is Rs 3,300 per sq.ft, which means that Krishna Nagar 1st Street's 2024 figure is below that median.

• Krishna Nagar 2nd Street: Rs 2,750 per sq.ft (2024)
• Krishna Nagar 3rd Street: Rs 2,750 per sq.ft (2024)
• Krishna Nagar 4th Street: Rs 2,750 per sq.ft (2024)
• Krishna Nagar: Rs 2,750 per sq.ft (2024)
• Krishna Nagar Harijan Colony: Rs 2,750 per sq.ft (2024)
• Krishnamachari Street: Rs 3,520 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 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty, charged at 7%, would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. Please note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Krishna Nagar 1st Street?

The Krishna Nagar 1st Street falls under the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more information.

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

When buying or selling property in Zaminpallavaram, the guideline value is crucial as it determines the amount of stamp duty and registration fees payable. The guideline value serves as a benchmark for property transactions, ensuring that the government receives appropriate revenue from property sales.

At the time of registration, the guideline value or the sale price is considered, and the higher of the two is used to calculate the applicable duties. This ensures that transactions are fairly assessed according to the established guidelines.

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 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 218 per sq.ft in 2003 to Rs 2,750 per sq.ft in 2024, reflecting significant increases and a few decreases over the years.

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

Krishna Nagar 1st Street is classified as Residential Class II Type - I.

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 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

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 instance, a property valued at Rs 27,50,000 would incur a stamp duty of Rs 1,92,500 at 7%.