Guideline Value for Krishna Nagar

Krishna Nagar guideline value

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

How the guideline value of Krishna Nagar has changed

The guideline value of Krishna Nagar has seen significant changes over the years. Starting from Rs 156 per sq.ft in 2002, it increased to Rs 175 per sq.ft in 2003. There is no figure available for this street in the 2007 revision. In 2012, the value was Rs 4,000 per sq.ft, which then decreased to Rs 2,680 per sq.ft in 2017. The 2023 revision marked a rise to Rs 4,000 per sq.ft, followed by a further increase to Rs 4,400 per sq.ft in the 2024 revision.

In terms of percentage changes, the guideline value increased by 10% from 2023 to 2024. From 2017 to 2023, it rose by 49%. However, there was a decrease of 33% from 2012 to 2017. Notably, the value surged by 2186% from 2003 to 2012. Overall, from 2002 to 2024, the guideline value has increased by 2721%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, which matches the current guideline value for Krishna Nagar.

• Krishna Nagar 10th Street: Rs 4,400 per sq.ft (2024)
• Krishna Nagar 1st Street: Rs 4,400 per sq.ft (2024)
• Krishna Nagar 2nd Street: Rs 4,400 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)

Stamp duty and registration fee for property in Krishna Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total 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, bringing the total to 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?

The Sub Registrar Office that covers Krishna Nagar is 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 plays a crucial role in property transactions in Velachery. It is used to determine the stamp duty and registration fees payable when a property is bought or sold. Buyers should be aware that the guideline value is the minimum value at which properties are registered, ensuring transparency in the real estate market.

When selling a property, the guideline value helps establish a baseline for negotiations. It is important for both buyers and sellers to understand the guideline value to ensure compliance with local regulations and to avoid any legal issues during the registration process.

Frequently asked questions

What is the current guideline value of Krishna Nagar?

The current guideline value of Krishna Nagar 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 significantly, starting from Rs 156 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, with various increases and decreases in between.

What is the registration fee for properties in Krishna Nagar?

The registration fee for properties in Krishna Nagar is calculated at 2% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Krishna Nagar located?

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

How is stamp duty calculated for properties in Krishna Nagar?

Stamp duty for properties in Krishna Nagar is calculated at 7% of the guideline value or the sale price, whichever is higher.