Guideline Value for New Krishna Nagar

New Krishna Nagar guideline value

The current guideline value of New Krishna Nagar is Rs 500 per sq.ft, effective from 1 July 2024. This area is located in Manapakkam village and falls under the Chengleput Joint I SRO. The land classification for this street is Residential Special Type - I.

How the guideline value of New Krishna Nagar has changed

Over the years, the guideline value of New Krishna Nagar has seen several revisions. The most recent revision in 2024 maintains the guideline value at Rs 500 per sq.ft, consistent with the 2023 revision. The 2017 revision marked a significant increase from Rs 167 per sq.ft to Rs 500 per sq.ft in 2023, reflecting a 199% increase. Prior to that, in 2012, the value was Rs 250 per sq.ft, indicating a decrease of 33% to the 2017 figure.

For the years 2002, 2003, and 2007, the register shows no figures for this street. Overall, from 2012 to 2024, the guideline value has increased by 100%, highlighting the changes in property valuation in this area.

Guideline values in Manapakkam

In Manapakkam, there are 11 streets under the Chengleput Joint I SRO that carry a 2024 guideline value, ranging from Rs 150 to Rs 500 per sq.ft. The median guideline value for these streets is Rs 200 per sq.ft, placing New Krishna Nagar's 2024 figure above this median.

• Om Saravanabava Nagar Phase-I: Rs 500 per sq.ft (2024)
• Om Saravanabava Nagar Phase-II: Rs 200 per sq.ft (2024)
• Kumaresan Nagar: Rs 200 per sq.ft (2024)
• Sai Jothi Avenue: Rs 254 per sq.ft (2024)
• Sakthi Garden: Rs 150 per sq.ft (2024)
• Karma Veerar Kamaraj Nagar Phase 8: Rs 200 per sq.ft (2024)

Stamp duty and registration fee for property in New Krishna Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 500 per sq.ft, the total guideline value would be Rs 5,00,000. The stamp duty at 7% would amount to Rs 35,000, and the registration fee at 2% would be Rs 10,000, bringing the total fees together to Rs 45,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers New Krishna Nagar?

The Sub Registrar Office that covers New Krishna Nagar is the Chengleput Joint I Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more information.

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

When buying or selling property in Manapakkam, the guideline value plays a crucial role during the registration process. It is used to determine the stamp duty and registration fees that must be paid, ensuring that both parties are aware of the official valuation of the property.

The guideline value is established by the government and serves as a benchmark for property transactions. Buyers and sellers must consider this value to avoid discrepancies during the registration and to comply with legal requirements.

Frequently asked questions

What is the current guideline value of New Krishna Nagar?

The current guideline value of New Krishna Nagar is Rs 500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 500 per sq.ft from 2023 to 2024, increased by 199% from Rs 167 per sq.ft in 2017, and decreased by 33% from Rs 250 per sq.ft in 2012.

What is the land classification for New Krishna Nagar?

The land classification for New Krishna Nagar is Residential Special Type - I, indicating its designated use for residential purposes.

What are the stamp duty rates for properties in New Krishna Nagar?

The stamp duty rate for properties in New Krishna Nagar is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for New Krishna Nagar?

The Sub Registrar Office for New Krishna Nagar is the Chengleput Joint I Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002.