Guideline Value for SRI KRISHNA APPARTMENTS (OFFICERS COLONY)

Sri Krishna Appartments (Officers Colony) guideline value

The current guideline value of Sri Krishna Appartments (Officers Colony) is Rs 6,600 per sq.ft, effective from 1 July 2024. This property is located in Padi village under the Villivakkam SRO, classified as Residential Class II Type - III.

How the guideline value of Sri Krishna Appartments (Officers Colony) has changed

The guideline value for Sri Krishna Appartments (Officers Colony) has undergone several revisions over the years. Starting from Rs 930 per sq.ft in 2003, it increased to Rs 1,650 per sq.ft in 2007, and then saw a significant rise to Rs 6,000 per sq.ft in 2012. However, it dropped to Rs 4,020 per sq.ft in 2017 before reaching Rs 6,000 per sq.ft again in 2023.

In the latest revision for 2024, the guideline value increased to Rs 6,600 per sq.ft, marking a 10% rise from the previous year's figure. The overall change from 2003 to 2024 reflects a substantial increase of 610% in the guideline value.

Guideline values in Padi

Padi village has a range of guideline values across its 354 streets under the Villivakkam SRO, with figures for 2024 ranging from Rs 2,200 to Rs 13,200 per sq.ft. The median guideline value in this area is Rs 3,800 per sq.ft, making the current value of Sri Krishna Appartments (Officers Colony) above the median.

• Sri Krishna Nagar: Rs 6,600 per sq.ft (2024)
• SRINIVASA NAGAR 1st STREET: Rs 3,400 per sq.ft (2024)
• SRINIVASA NAGAR 2nd STREET: Rs 3,400 per sq.ft (2024)
• Sri Balaji Nagar (S.No.226): Rs 5,400 per sq.ft (2024)
• South Mada Street 'moorthysamy Colony 3rd Street': Rs 4,400 per sq.ft (2024)
• South Mada Street 'moorthysamy Colony 2nd Street': Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Krishna Appartments (Officers Colony)

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value would be Rs 66,00,000. The stamp duty at 7% would amount to Rs 4,62,000, while the registration fee at 2% would be Rs 1,32,000, leading to a total of Rs 5,94,000. 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 Sri Krishna Appartments (Officers Colony)?

The Sri Krishna Appartments (Officers Colony) falls under the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Padi. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the buyer must pay the stamp duty based on the higher value between the guideline value and the sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Sri Krishna Appartments (Officers Colony)?

The current guideline value of Sri Krishna Appartments (Officers Colony) is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 930 per sq.ft in 2003 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of 610% over the years.

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

For a 1,000 sq.ft plot at the current guideline value, the stamp duty would be Rs 4,62,000 and the registration fee would be Rs 1,32,000, totaling Rs 5,94,000.

Which office handles registrations for Sri Krishna Appartments (Officers Colony)?

The Villivakkam Sub Registrar Office handles registrations for Sri Krishna Appartments (Officers Colony), located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the land classification of Sri Krishna Appartments (Officers Colony)?

Sri Krishna Appartments (Officers Colony) is classified as Residential Class II Type - III, which is relevant for determining the guideline value.