Guideline Value for Krishna Nagar Extension 1st Street

Krishna Nagar Extension 1st Street guideline value

The current guideline value of Krishna Nagar Extension 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO, classified as Residential Class II Type - I.

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

The guideline value for Krishna Nagar Extension 1st Street has seen several revisions over the years. In the 2017 revision, the value was Rs 1,340 per sq.ft. This increased significantly to Rs 2,000 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. There are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft as per the 2024 revision. The median value for these streets is Rs 2,750 per sq.ft, indicating that Krishna Nagar Extension 1st Street's 2024 figure is below this median.

• Krishna Nagar Extension 2nd Street: Rs 2,200 per sq.ft (2024)
• Krishna Nagar Extension 3rd Street: Rs 2,200 per sq.ft (2024)
• Krishna Nagar Extension 4th Street: Rs 2,200 per sq.ft (2024)
• Krishna Nagar Extn: Rs 2,200 per sq.ft (2024)
• Krishna Nagar / Arul Murugan Nagar Extn: Rs 2,200 per sq.ft (2024)
• Krishna Nagar (New Kubera Nagar): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Krishna Nagar Extension 1st Street

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. 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 Extension 1st Street?

The Krishna Nagar Extension 1st Street falls under the jurisdiction of 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 information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value plays a crucial role during property registration in Madipakkam-1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official records.

When buying or selling property, the guideline value is essential for calculating applicable fees such as stamp duty and registration charges. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Krishna Nagar Extension 1st Street?

The current guideline value of Krishna Nagar Extension 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 64% over these years.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which office handles registrations for Krishna Nagar Extension 1st Street?

The Velacheri Sub Registrar Office handles registrations for Krishna Nagar Extension 1st Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

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

The guideline value is used to determine the minimum registration value for properties, impacting the calculation of stamp duty and registration fees during property transactions.