Guideline Value for Krishna Nagar 2nd Street

Krishna Nagar 2nd Street guideline value

The current guideline value of Krishna Nagar 2nd Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the jurisdiction of the Velacheri SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Krishna Nagar 2nd Street has changed

The guideline value for Krishna Nagar 2nd Street has undergone several revisions over the years. The 2012 revision set the value at Rs 4,000 per sq.ft, which then decreased to Rs 2,680 per sq.ft in the 2017 revision. Following this, the value rose significantly to Rs 4,000 per sq.ft in the 2023 revision, and finally to Rs 4,400 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year.

From 2017 to 2023, the value increased by 49%. Overall, comparing the 2012 and 2024 revisions, there has been a 10% increase. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO, with the 2024 guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, which is the same as the guideline value for Krishna Nagar 2nd Street.

• Krishna Nagar 1st Street: Rs 4,400 per sq.ft (2024)
• Krishna Nagar 3rd Street: Rs 4,400 per sq.ft (2024)
• Krishna Nagar 10th 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)

Stamp duty and registration fee for property in Krishna Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. 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 2nd Street?

The Krishna Nagar 2nd Street falls under the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Velachery. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on the official value set by the authorities.

When engaging in property transactions, it is essential to refer to the guideline value to understand the financial implications involved in the registration process. Buyers and sellers must be aware that the guideline value may differ from the actual sale price, and the higher of the two will determine the applicable duties.

Frequently asked questions

What is the current guideline value of Krishna Nagar 2nd Street?

The current guideline value of Krishna Nagar 2nd Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,000 per sq.ft in 2012 to Rs 2,680 per sq.ft in 2017, then to Rs 4,000 per sq.ft in 2023, and finally to Rs 4,400 per sq.ft in 2024.

What are the stamp duty and registration fees for property in Krishna Nagar 2nd Street?

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which Sub Registrar Office covers Krishna Nagar 2nd Street?

The Velacheri Sub Registrar Office covers Krishna Nagar 2nd Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Krishna Nagar 2nd Street?

The land classification for Krishna Nagar 2nd Street is Residential Class II Type - II.