Guideline Value for Krishnapillai Street

Krishnapillai Street guideline value

The current guideline value of Krishnapillai Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Vepery village under the Periamet SRO and is classified as Residential Class IV Type - I.

How the guideline value of Krishnapillai Street has changed

Over the years, the guideline value of Krishnapillai Street has seen several revisions. The earliest recorded figure is from 2007, where the guideline value was Rs 600 per sq.ft. This increased significantly to Rs 2,500 per sq.ft in 2012, marking a rise of 317%. However, from 2012 to 2017, there was a decrease to Rs 1,675 per sq.ft, a drop of 33%. The value then rose again to Rs 2,500 per sq.ft in 2023, reflecting a 49% increase. The most recent revision in 2024 set the guideline value at Rs 2,700 per sq.ft, an 8% increase from the previous year.

It is important to note that the register has no figures for Krishnapillai Street for the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 350%.

Guideline values in Vepery

In Vepery, there are 290 streets under the Periamet SRO, with 2024 guideline values ranging from Rs 2,200 to Rs 22,000 per sq.ft. The median guideline value for these streets is Rs 4,800 per sq.ft, indicating that Krishnapillai Street's 2024 figure is below this median.

• Kovingu Muthu Gramani Street: Rs 6,000 per sq.ft (2024)
• Kovalam MuthuStreet: Rs 6,000 per sq.ft (2024)
• Kumarappa Street: Rs 7,700 per sq.ft (2024)
• Kumarasamy RaJa 2nd Street: Rs 2,700 per sq.ft (2024)
• Kumarasamy RaJa 3rd Street: Rs 2,700 per sq.ft (2024)
• Kumarasamy Raja Ist Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Krishnapillai Street

For a 1,000 sq.ft plot at the current rate of Rs 2,700 per sq.ft, the guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, making the total Rs 2,43,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Krishnapillai Street?

The Sub Registrar Office that covers Krishnapillai Street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Vepery. It serves as the basis for calculating stamp duty and registration fees, which are mandatory costs associated with property transactions.

When a property is sold, the guideline value helps determine the minimum value on which these fees are calculated. Buyers should be aware that the duty is charged on the higher of the guideline value or the sale price, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Krishnapillai Street?

The current guideline value of Krishnapillai Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2007 to Rs 2,700 per sq.ft in 2024, showing an overall increase of 350% over the years.

What are the other streets in Vepery and their guideline values?

Other streets in Vepery include Kovingu Muthu Gramani Street and Kovalam MuthuStreet at Rs 6,000 per sq.ft, Kumarappa Street at Rs 7,700 per sq.ft, and several others at Rs 2,700 per sq.ft.

What are the stamp duty and registration fees for properties in Krishnapillai Street?

For a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000 and the registration fee would be Rs 54,000, totaling Rs 2,43,000.

Which office handles property registrations for Krishnapillai Street?

The Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003, handles property registrations for Krishnapillai Street.