Guideline Value for Krishnaswamy Garden Street

Krishnaswamy Garden Street guideline value

The current guideline value of Krishnaswamy Garden Street is Rs 8,700 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 2 village and falls under the Chennai Central Joint I SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Krishnaswamy Garden Street has changed

The guideline value for Krishnaswamy Garden Street has undergone several revisions over the years. The register has no figure for this street in the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was Rs 8,000 per sq.ft. This figure increased by 9% to Rs 8,700 per sq.ft in the 2024 revision.

To summarize the changes: from 2023 to 2024, the guideline value rose from Rs 8,000 to Rs 8,700 per sq.ft. This increase reflects the latest adjustments made in the Chennai Central Joint I SRO, which oversees the valuation of properties in this area.

Guideline values in Mylapore Part 2

In Mylapore Part 2, there are 332 streets under the Chennai Central Joint I SRO, with guideline values ranging from Rs 4,400 to Rs 25,300 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Krishnaswamy Garden Street's 2024 figure below the median.

• Kodambakkam High Road: Rs 14,300 per sq.ft (2024)
• Kavingnar Bharathidhasan Road: Rs 14,300 per sq.ft (2024)
• Kasthuri Ranga Road: Rs 17,500 per sq.ft (2024)
• Kasthuri Ranga 1st Lane: Rs 17,500 per sq.ft (2024)
• Kasthuri Estate MainRoad: Rs 17,500 per sq.ft (2024)
• Kasthuri Estate 3rd Street: Rs 17,500 per sq.ft (2024)

Stamp duty and registration fee for property in Krishnaswamy Garden Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,700 per sq.ft, the total guideline value would be Rs 87,00,000. The stamp duty at 7% would amount to Rs 6,09,000, and the registration fee at 2% would be Rs 1,74,000, bringing the total to Rs 7,83,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Krishnaswamy Garden Street?

The Sub Registrar Office that covers Krishnaswamy Garden Street is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Mylapore Part 2

The guideline value plays a crucial role during property registration in Mylapore Part 2. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold. Buyers should be aware that the duty is calculated based on the higher of the guideline value or the sale price.

When selling a property, the guideline value ensures that the transaction is documented at a fair value, which is essential for legal and tax purposes. It is important for both buyers and sellers to understand how the guideline value impacts their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Krishnaswamy Garden Street?

The current guideline value of Krishnaswamy Garden Street is Rs 8,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 8,000 per sq.ft in 2023 to Rs 8,700 per sq.ft in 2024. The register has no figure for this street in the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification for Krishnaswamy Garden Street?

The land classification for Krishnaswamy Garden Street is Residential Class I Type - III. This classification indicates the type of development permitted in the area.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 87,00,000, the stamp duty would be Rs 6,09,000, and the registration fee would be Rs 1,74,000, totaling Rs 7,83,000. The duty is charged on the higher of the guideline value or the sale price.

Where can I find the Sub Registrar Office for Krishnaswamy Garden Street?

The Sub Registrar Office for Krishnaswamy Garden Street is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.