Guideline Value for Krishna Nagar 6th Street

Krishna Nagar 6th Street guideline value

The current guideline value of Krishna Nagar 6th 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 6th Street has changed

The guideline value for Krishna Nagar 6th Street has seen 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. The value then rose significantly to Rs 1,435 per sq.ft in 2007, followed by a further increase to Rs 4,000 per sq.ft in 2012. However, it dropped to Rs 2,680 per sq.ft in 2017. The 2023 revision brought the value back up to Rs 4,000 per sq.ft, and the most recent 2024 revision set it at Rs 4,400 per sq.ft.

Between these revisions, the changes were notable. From 2002 to 2003, the increase was +11%. The rise from 2003 to 2007 was +236%, while from 2007 to 2012, there was a +179% increase. The value then saw a decrease of -33% from 2012 to 2017. However, the subsequent revisions showed a +49% increase from 2017 to 2023 and a +10% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by +1043%.

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 2024 figure for Krishna Nagar 6th Street.

• Krishna Nagar 5th Street: Rs 4,400 per sq.ft (2024)
• Krishna Nagar 4th Street: Rs 4,400 per sq.ft (2024)
• Krishna Nagar 3rd Street: Rs 4,400 per sq.ft (2024)
• Krishna Nagar 2nd Street: Rs 4,400 per sq.ft (2024)
• Krishna Nagar 1st Street: Rs 4,950 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 6th 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, making the total cost for these fees 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 details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Krishna Nagar 6th Street?

The Krishna Nagar 6th 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 payable during the sale or purchase of property. Buyers and sellers must be aware of the current guideline value to ensure compliance with the registration requirements.

When registering a property, it is essential to note that the stamp duty is charged based on the higher of the guideline value or the actual sale price. This ensures that the registration process is transparent and aligns with the governmental regulations.

Frequently asked questions

What is the current guideline value of Krishna Nagar 6th Street?

The current guideline value of Krishna Nagar 6th 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, with various increases and one decrease along the way.

What is the role of the guideline value in property transactions?

The guideline value is used to calculate the stamp duty and registration fees during property transactions. It is essential for buyers and sellers to know the current guideline value for compliance.

Where is the Virugambakkam Sub Registrar Office located?

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

How can I calculate the stamp duty and registration fees?

You can calculate the stamp duty and registration fees using the stamp duty and registration fee calculator available online.