Guideline Value for Krishnamachari Nagar 8th Street

Krishnamachari Nagar 8th Street guideline value

The current guideline value of Krishnamachari Nagar 8th Street is Rs 3,600 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village, under the Virugambakkam SRO. The land classification for this area is Residential Class I Type - II.

How the guideline value of Krishnamachari Nagar 8th Street has changed

The guideline value for Krishnamachari Nagar 8th Street has seen several revisions over the years. In 2002, the guideline value was Rs 439 per sq.ft, which increased to Rs 481 per sq.ft in 2003. Following this, the value rose to Rs 600 per sq.ft in 2007, and then significantly jumped to Rs 3,250 per sq.ft in 2012. However, there was a decrease to Rs 2,177 per sq.ft in 2017. The value then increased to Rs 3,250 per sq.ft in 2023 before reaching the current figure of Rs 3,600 per sq.ft in 2024. There are no figures recorded for this street in the revisions for the years not mentioned.

In terms of percentage changes, from 2002 to 2024, the overall increase is 720%. The guideline value rose by 10% from 2002 to 2003, followed by a 25% increase from 2003 to 2007. The value then saw a substantial rise of 442% from 2007 to 2012. However, there was a decrease of 33% from 2012 to 2017, followed by a 49% increase from 2017 to 2023, and finally an 11% increase from 2023 to 2024.

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, with a median value of Rs 3,050 per sq.ft. The guideline value for Krishnamachari Nagar 8th Street is above this median.

• Krishnamachari Nagar 7th Street: Rs 3,600 per sq.ft (2024)
• Krishnamachari Nagar 9th Street: Rs 3,600 per sq.ft (2024)
• Krishnamachari Nagar 6th Street: Rs 3,600 per sq.ft (2024)
• Krishnamachari Nagar 5th Street: Rs 3,600 per sq.ft (2024)
• Krishnamachari Nagar 4th Street: Rs 3,600 per sq.ft (2024)
• Krishnamachari Nagar 3rd Street: Rs 3,600 per sq.ft (2024)

Stamp duty and registration fee for property in Krishnamachari Nagar 8th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,600 per sq.ft, the total guideline value would be 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 to Rs 3,24,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Krishnamachari Nagar 8th Street?

The Sub Registrar Office that covers Krishnamachari Nagar 8th 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 information.

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

The guideline value is a crucial factor when registering property transactions in Maduravoyal. It serves as a benchmark for determining the minimum value at which properties can be registered. Buyers and sellers should be aware that the guideline value is used to calculate the stamp duty and registration fees applicable during the transaction.

When you buy or sell property, the guideline value ensures that the transaction is recorded accurately and fairly in the official records. It is essential for both parties to understand this value as it impacts the overall costs associated with property registration.

Frequently asked questions

What is the current guideline value of Krishnamachari Nagar 8th Street?

The current guideline value of Krishnamachari Nagar 8th 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 several times, starting from Rs 439 per sq.ft in 2002 to Rs 3,600 per sq.ft in 2024, reflecting an overall increase of 720% over the years.

What land classification applies to Krishnamachari Nagar 8th Street?

The land classification for Krishnamachari Nagar 8th Street is Residential Class I Type - II, which indicates the type of residential development permitted in the area.

What is the stamp duty rate for property transactions in this area?

The stamp duty rate for property transactions in Krishnamachari Nagar 8th Street is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Krishnamachari Nagar 8th Street?

The Sub Registrar Office covering Krishnamachari Nagar 8th Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.