Guideline Value for Krishnamachari Nagar 2nd Street

Krishnamachari Nagar 2nd Street guideline value

The current guideline value of Krishnamachari Nagar 2nd Street is Rs 3,600 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village, under the Virugambakkam SRO, and is classified as Residential Class I Type - II.

How the guideline value of Krishnamachari Nagar 2nd Street has changed

The guideline value for Krishnamachari Nagar 2nd Street has seen several revisions over the years. In 2002, the value was Rs 439 per sq.ft, which increased to Rs 481 per sq.ft in 2003. Following this, the value rose significantly to Rs 1,100 per sq.ft in 2007, and then to Rs 3,250 per sq.ft in 2012. However, it decreased to Rs 2,177 per sq.ft in 2017 before climbing back to Rs 3,250 per sq.ft in 2023. The latest revision in 2024 has set the guideline value at Rs 3,600 per sq.ft.

In terms of percentage changes, the value increased by 10% from 2002 to 2003, followed by a 129% increase from 2003 to 2007. There was a 195% increase from 2007 to 2012, but a decrease of 33% occurred from 2012 to 2017. The value then increased by 49% from 2017 to 2023, and finally, there was an 11% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 720%.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median value for these streets is Rs 3,050 per sq.ft, placing Krishnamachari Nagar 2nd Street's 2024 figure above that median.

• Krishnamachari Nagar 2nd Main Road: Rs 3,600 per sq.ft (2024)
• Krishnamachari Nagar 3rd Street: Rs 3,600 per sq.ft (2024)
• Krishnamachari Nagar 1st Street: Rs 3,600 per sq.ft (2024)
• Krishnamachari Nagar 4th Street: Rs 3,600 per sq.ft (2024)
• Krishnamachari Nagar 1st Main Road: Rs 3,600 per sq.ft (2024)
• Krishnamachari Nagar 5th Street: Rs 3,600 per sq.ft (2024)

Stamp duty and registration fee for property in Krishnamachari Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,600 per sq.ft, the total guideline value amounts to Rs 36,00,000. The stamp duty at 7% would be Rs 2,52,000, and the registration fee at 2% would be Rs 72,000, bringing the total cost for these fees to Rs 3,24,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Krishnamachari Nagar 2nd Street?

The Sub Registrar Office that covers Krishnamachari Nagar 2nd Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value plays a crucial role during property transactions in Maduravoyal. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold. Buyers and sellers should be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher.

Understanding the guideline value is essential for anyone looking to transact in real estate in Maduravoyal. It ensures that all parties involved are aware of the financial obligations associated with the property transfer process.

Frequently asked questions

What is the current guideline value of Krishnamachari Nagar 2nd Street?

The current guideline value of Krishnamachari Nagar 2nd Street is Rs 3,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 439 per sq.ft in 2002 to Rs 3,600 per sq.ft in 2024, reflecting an overall increase of 720% over this period.

What are the other streets in Maduravoyal with the same guideline value?

Other streets in Maduravoyal that share the same guideline value of Rs 3,600 per sq.ft in 2024 include Krishnamachari Nagar 2nd Main Road, Krishnamachari Nagar 3rd Street, Krishnamachari Nagar 1st Street, Krishnamachari Nagar 4th Street, Krishnamachari Nagar 1st Main Road, and Krishnamachari Nagar 5th Street.

What is the registration fee for property transactions?

The registration fee for property transactions is typically 2% of the guideline value. For example, for a property valued at Rs 36,00,000, the registration fee would be Rs 72,000.

Where can I find the Sub Registrar Office for Krishnamachari Nagar 2nd Street?

The Sub Registrar Office for Krishnamachari Nagar 2nd Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.