Guideline Value for Krishna Nagar

Krishna Nagar guideline value

The current guideline value of Krishna Nagar, located in Madanandapuram village, is Rs 3,520 per sq.ft, effective from 1 July 2024. This area falls under the Kunrathur SRO and is classified as Residential Special Type - II.

How the guideline value of Krishna Nagar has changed

The guideline value for Krishna Nagar has undergone several revisions over the years. The earliest recorded figure is from 2007, which was Rs 839 per sq.ft. This value increased significantly to Rs 3,200 per sq.ft in 2012, marking a rise of 281%. However, it then decreased to Rs 2,144 per sq.ft in 2017, a drop of 33%. The value saw a substantial increase again, reaching Rs 3,200 per sq.ft in 2023, and further rising to Rs 3,520 per sq.ft in 2024, reflecting a 10% increase from the previous year. The register has no figures for the years 2002 and 2003 for this street.

From 2017 to 2023, the guideline value rose by 49%, bringing it to Rs 3,200 per sq.ft, and then it increased by 10% to the current rate of Rs 3,520 per sq.ft. Overall, from the 2007 figure of Rs 839 per sq.ft to the current value in 2024, there has been a remarkable increase of 320%.

Guideline values in Madanandapuram

In Madanandapuram, there are 94 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 2,530 to Rs 5,830 per sq.ft. The median guideline value is Rs 3,520 per sq.ft, which is equal to the current value of Krishna Nagar.

• Krishna Nagar Extension: Rs 3,520 per sq.ft (2024)
• Kumari Nagar: Rs 3,520 per sq.ft (2024)
• Kunrathur Main Road: Rs 5,830 per sq.ft (2024)
• Lakshmi Avenue: Rs 3,520 per sq.ft (2024)
• Lakshmi Garden: Rs 3,520 per sq.ft (2024)
• Lakshmi Nagar: Rs 3,520 per sq.ft (2024)

Stamp duty and registration fee for property in Krishna Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,520 per sq.ft, the total guideline value amounts to Rs 35,20,000. The stamp duty is calculated at 7%, resulting in Rs 2,46,400, while the registration fee at 2% amounts to Rs 70,400. Together, the total cost for stamp duty and registration fees is Rs 3,16,800. 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?

The Krishna Nagar area is covered by the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Madanandapuram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value.

When a property is sold, the buyer and seller must consider the guideline value to calculate the applicable stamp duty and registration fees. This ensures compliance with local regulations and helps in the smooth transfer of property ownership.

Frequently asked questions

What is the current guideline value of Krishna Nagar?

The current guideline value of Krishna Nagar is Rs 3,520 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 839 per sq.ft to Rs 3,520 per sq.ft in 2024, representing a total increase of 320% over the years.

What is the stamp duty rate for property in Krishna Nagar?

The stamp duty rate for property in Krishna Nagar is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Kunrathur Sub Registrar Office?

The Kunrathur Sub Registrar Office is located at No.59, Road Street, Kundrathur, Chennai -600 069.

How is the guideline value determined for properties?

The guideline value is determined based on various factors, including the location, type of property, and prevailing market conditions, as recorded in the Registration Department's guideline value register.