Guideline Value for New Krishna Nagar

New Krishna Nagar guideline value

The current guideline value of New Krishna Nagar is Rs 1,102 per sq.ft, effective from 1 July 2024. This area is located in Puzhal village under the Redhills SRO and is classified as Residential Class III Type - I.

How the guideline value of New Krishna Nagar has changed

Over the years, the guideline value of New Krishna Nagar has seen significant changes. In the 2003 revision, the value was Rs 52 per sq.ft, which rose to Rs 200 per sq.ft in 2007. The 2012 revision saw a further increase to Rs 700 per sq.ft, but this figure dropped to Rs 469 per sq.ft in the 2017 revision. Following this, the value increased dramatically to Rs 1,000 per sq.ft in 2023, and currently stands at Rs 1,102 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From 2017 to 2023, there was a notable increase of 113%. The 2012 to 2017 period saw a decrease of 33%, while the 2007 to 2012 period experienced a substantial increase of 250%. The rise from 2003 to 2007 was 285%. Overall, the guideline value has increased by 2019% from 2003 to 2024. The register has no figure for this street in 2002.

Guideline values in Puzhal

Puzhal village has 270 streets under the Redhills SRO, with guideline values ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value is Rs 1,102 per sq.ft, which is equal to the current figure for New Krishna Nagar.

• New Mahaveer Garden: Rs 1,100 per sq.ft (2024)
• New Sakthivel Garden: Rs 1,100 per sq.ft (2024)
• New Adhinath Colony: Rs 1,102 per sq.ft (2024)
• Nethaji Subhash Chandrabose Street: Rs 1,650 per sq.ft (2024)
• Nethaji Subash Chandra Bose Nagar: Rs 1,650 per sq.ft (2024)
• N.S.K. Street: Rs 1,650 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 1,102 per sq.ft, the total guideline value would be Rs 11,02,000. The stamp duty at 7% would be Rs 77,140, and the registration fee at 2% would be Rs 22,040, making the total cost for these fees Rs 99,180. 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 New Krishna Nagar?

The Sub Registrar Office that covers New Krishna Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more details.

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

The guideline value is a critical factor in the registration process when buying or selling property in Puzhal. It serves as a benchmark for determining the stamp duty and registration fees, which are calculated based on this value or the sale price, whichever is higher.

When a property is registered, the guideline value helps ensure that the transaction is recorded at a fair value, which is essential for maintaining transparency in real estate transactions. Buyers and sellers should be aware of the current guideline value to understand the financial implications of their property dealings.

Frequently asked questions

What is the current guideline value of New Krishna Nagar?

The current guideline value of New Krishna Nagar is Rs 1,102 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 52 per sq.ft in 2003 to Rs 1,102 per sq.ft in 2024, marking an overall increase of 2019% over this period.

What is the land classification of New Krishna Nagar?

New Krishna Nagar is classified as Residential Class III Type - I.

Where is the Redhills Sub Registrar Office located?

The Redhills Sub Registrar Office is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is stamp duty calculated in New Krishna Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 11,02,000, the stamp duty would be Rs 77,140.