Guideline Value for Krishna Nagar

Krishna Nagar guideline value

The current guideline value of Krishna Nagar, located in Nanmangalam village, under the Pallavaram SRO, is Rs 2,750 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class I Type - I land classification.

How the guideline value of Krishna Nagar has changed

The guideline value for Krishna Nagar has seen several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 55 per sq.ft. This increased to Rs 77 per sq.ft in 2003, marking a 40% rise. The value then saw a significant jump to Rs 600 per sq.ft in 2007, which was a 679% increase. In 2012, the value adjusted to Rs 2,500 per sq.ft, reflecting a decrease of 33%. The guideline value then rose to Rs 1,675 per sq.ft in 2017, which was a 49% increase from the previous revision. The 2023 revision set the value at Rs 2,500 per sq.ft, before the current 2024 revision brought it to Rs 2,750 per sq.ft, a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 4,900%. There are no figures available in the register for revisions other than those mentioned above.

Guideline values in Nanmangalam

In Nanmangalam, there are 139 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,960 to Rs 3,850 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, which is equal to the current guideline value of Krishna Nagar.

• Kowsalya Nagar: Rs 1,980 per sq.ft (2024)
• Kovalan Street: Rs 1,960 per sq.ft (2024)
• Kiyyur Nisha Avenue: Rs 2,750 per sq.ft (2024)
• K.B.Nagar: Rs 3,300 per sq.ft (2024)
• Kumar Avenue: Rs 2,750 per sq.ft (2024)
• Kayathri Nagar: Rs 1,980 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 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty, charged at 7%, would be Rs 1,92,500, and the registration fee, charged at 2%, would be Rs 55,000. Together, the total charges amount to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Krishna Nagar?

The Krishna Nagar area falls under the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Nanmangalam. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. The guideline value is established by the Registration Department and is periodically revised to reflect changes in the market.

When a buyer or seller engages in a property transaction, the guideline value is referenced to ensure that the appropriate fees are calculated. This ensures transparency in the registration process and helps maintain uniformity in property transactions across the region.

Frequently asked questions

What is the current guideline value of Krishna Nagar?

The current guideline value of Krishna Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 55 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, showing a significant overall increase of 4,900%.

What are the stamp duty and registration fees for property in Krishna Nagar?

For a plot of 1,000 sq.ft, the total guideline value is Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, totaling Rs 2,47,500.

Which office handles property registrations in Krishna Nagar?

The Pallavaram Sub Registrar Office handles property registrations for Krishna Nagar, located at 7th Main Road, New Colony, Chromepet, Chennai-600044.

What is the land classification for Krishna Nagar?

Krishna Nagar is classified as Residential Class I Type - I, which is relevant for determining the guideline value and applicable regulations.