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 Virugambakkam village, under the Virugambakkam SRO, and is classified as Residential Class III Type - I.

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. In 2002, the value was Rs 385 per sq.ft, which increased to Rs 427 per sq.ft in 2003, marking an increase of 11%. The value saw a significant rise to Rs 750 per sq.ft in 2007, which was a 76% increase. In 2012, the guideline value changed to Rs 4,000 per sq.ft, reflecting a substantial increase of 433%. However, from 2012 to 2017, the value decreased to Rs 2,680 per sq.ft, which was a decline of 33%. The value then increased to Rs 4,000 per sq.ft in 2023, and the latest revision in 2024 set the value at Rs 4,400 per sq.ft, representing a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 1,043%. There are no figures available for revisions in the years not listed in the register for this street.

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 value is Rs 4,400 per sq.ft, which is equal to the current guideline value of Krishna Nagar 2nd Street.

• Krishna Nagar 1st Street: Rs 4,950 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 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 would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total fees together to Rs 3,96,000. Please 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 more details.

Which Sub Registrar Office covers Krishna Nagar 2nd Street?

The Krishna Nagar 2nd Street falls under the jurisdiction of the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Virugambakkam. It is used to determine the stamp duty and registration fees that must be paid during the registration process. Buyers and sellers must be aware of the current guideline value to ensure compliance with the legal requirements during property transactions.

When a property is sold or purchased, the guideline value is considered the minimum value for registration purposes. This means that the stamp duty and registration fees will be calculated based on the guideline value or the sale price, whichever is higher.

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 385 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, showing an overall increase of 1,043% over the years.

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

Krishna Nagar 2nd Street is classified as Residential Class III Type - I.

Where can I find the Virugambakkam Sub Registrar Office?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for properties in Krishna Nagar 2nd 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 44,00,000, the stamp duty at 7% would be Rs 3,08,000.