Guideline Value for Krishna Nagar Extn, 2nd Street

Krishna Nagar Extn, 2nd Street guideline value

The current guideline value of Krishna Nagar Extn, 2nd Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - II.

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

The guideline value for Krishna Nagar Extn, 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 increased significantly to Rs 4,000 per sq.ft in the 2023 revision, and currently stands at Rs 4,400 per sq.ft from the 2024 revision, marking a 10% increase from the previous year.

From 2017 to 2023, the value rose by 49%, while the change from 2012 to 2017 saw a decline of 33%. Overall, from 2012 to 2024, the guideline value has increased by 10%. 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 that carry a guideline value for 2024, ranging from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. Krishna Nagar Extn, 2nd Street's 2024 figure aligns with this median.

• Krishna Nagar Extn: Rs 4,400 per sq.ft (2024)
• Krishna Nagar Extension 1st Street: Rs 4,400 per sq.ft (2024)
• Krishna Nagar 9th Street: Rs 4,400 per sq.ft (2024)
• Krishna Nagar 8th Street: Rs 4,400 per sq.ft (2024)
• Krishna Nagar 7th 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 Extn, 2nd Street

For a 1,000 sq.ft plot at the current rate of Rs 4,400 per sq.ft, the 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, leading to a total of Rs 3,96,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Krishna Nagar Extn, 2nd Street?

The Krishna Nagar Extn, 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 information.

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 determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When a property is sold, the guideline value is assessed to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, which ensures that the transaction is recorded accurately and transparently.

Frequently asked questions

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

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

How has the guideline value changed over the years?

Over the years, the guideline value has seen several revisions. It was Rs 4,000 per sq.ft in 2012, decreased to Rs 2,680 per sq.ft in 2017, then increased to Rs 4,000 per sq.ft in 2023, and is currently Rs 4,400 per sq.ft from 2024.

What is the land classification for this street?

Krishna Nagar Extn, 2nd Street is classified as Residential Class II Type - II under the land classification guidelines.

Where can I find the Velacheri Sub Registrar Office?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2%. For example, for a property valued at Rs 44,00,000, the total fees would amount to Rs 3,96,000.