Guideline Value for SRI KRISHNA NAGAR (NEAR SIVANANDA COLONY)

Sri Krishna Nagar (Near Sivananda Colony) guideline value

The current guideline value of Sri Krishna Nagar (Near Sivananda Colony) is Rs 2,500 per sq.ft, effective from 1 July 2024. This area is located in Korattur village, under the Villivakkam SRO, classified as Residential Class II Type - III.

How the guideline value of Sri Krishna Nagar (Near Sivananda Colony) has changed

Over the years, the guideline value of Sri Krishna Nagar has seen significant changes. The 2007 revision recorded a guideline value of Rs 850 per sq.ft, which dramatically increased to Rs 2,300 per sq.ft in both the 2012 and 2023 revisions. The 2024 revision marks the latest change, setting the guideline value at Rs 2,500 per sq.ft, reflecting a 9% increase from the previous year.

Looking at the overall changes, the guideline value increased by 171% from 2007 to 2012, and there was no change from 2012 to 2023. From 2007 to 2024, the overall increase stands at 194%. Notably, there are no figures available for the years 2002, 2003, and 2017 for this street.

Guideline values in Korattur

In Korattur, the guideline values for 617 streets under the Villivakkam SRO range from Rs 1,100 to Rs 8,200 per sq.ft, with a median value of Rs 2,500 per sq.ft. The guideline value of Sri Krishna Nagar (Near Sivananda Colony) aligns with this median.

• Sri Kumaran Nagar: Rs 2,700 per sq.ft (2024)
• Sri Kumaran Nagar Extension: Rs 2,700 per sq.ft (2024)
• Sri Kanthakottam Nagar / Streets: Rs 1,600 per sq.ft (2024)
• Sri Kanthakottam 2nd Street: Rs 1,600 per sq.ft (2024)
• SRI IYYAPPA NAGAR (Right Side of 200Feet Road) 7th STREET: Rs 3,300 per sq.ft (2024)
• SRI IYYAPPA NAGAR (Right Side of 200Feet Road) 6th STREET: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Krishna Nagar (Near Sivananda Colony)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value amounts to Rs 25,00,000. The stamp duty at 7% would be Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, totaling Rs 2,25,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more detailed calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Krishna Nagar (Near Sivananda Colony)?

The Sub Registrar Office that covers Sri Krishna Nagar (Near Sivananda Colony) is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is a crucial factor during property registration in Korattur. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, it is essential to be aware of the guideline value, as it influences the overall cost of the transaction. Buyers should ensure that the sale price is not lower than the guideline value to avoid legal complications during registration.

Frequently asked questions

What is the current guideline value of Sri Krishna Nagar?

The current guideline value of Sri Krishna Nagar (Near Sivananda Colony) is Rs 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 850 per sq.ft in 2007 to Rs 2,500 per sq.ft in 2024, reflecting a total increase of 194% over the years.

What is the registration office for Sri Krishna Nagar?

The registration office for Sri Krishna Nagar (Near Sivananda Colony) is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

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

For a property valued at Rs 25,00,000, the stamp duty would be Rs 1,75,000 and the registration fee would be Rs 50,000, totaling Rs 2,25,000.

What is the land classification of Sri Krishna Nagar?

Sri Krishna Nagar is classified as Residential Class II Type - III, indicating its suitability for residential development.