Guideline Value for SRI KRISHNA NAGAR

Sri Krishna Nagar guideline value

The current guideline value of Sri Krishna Nagar, located in Padi village under the Villivakkam SRO, is Rs 6,600 per sq.ft as per the 2024 revision effective from 1 July 2024. This area falls under the Residential Class II Type - III land classification.

How the guideline value of Sri Krishna Nagar has changed

The guideline value for Sri Krishna Nagar has seen significant changes over the years. In 2002, the value was Rs 292 per sq.ft, which increased to Rs 330 per sq.ft in 2003. The value saw a substantial rise to Rs 850 per sq.ft in 2007, followed by a dramatic increase to Rs 6,000 per sq.ft in 2012. However, it decreased to Rs 4,020 per sq.ft in 2017. The value then rose to Rs 6,000 per sq.ft in 2023, and currently stands at Rs 6,600 per sq.ft in 2024. Notably, there are no figures available for revisions prior to 2002 or for any other years not listed.

Between the revisions, the changes were as follows: from 2002 to 2003, there was an increase of 13%; from 2003 to 2007, a rise of 158%; from 2007 to 2012, a significant increase of 606%; followed by a decrease of 33% from 2012 to 2017. The value then increased by 49% from 2017 to 2023, and finally, there was a 10% increase from 2023 to 2024. Overall, the guideline value has increased by 2160% from 2002 to 2024.

Guideline values in Padi

In Padi, there are 354 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 13,200 per sq.ft, with the median being Rs 3,800 per sq.ft. The guideline value for Sri Krishna Nagar is above this median.

• Sri Krishna Appartments (Officers Colony): 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 Nagar

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, and the registration fee at 2% would be Rs 1,32,000, bringing the total fees together to Rs 5,94,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Sri Krishna Nagar?

The Sri Krishna Nagar area is covered by the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when registering property transactions in Padi. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value is compared to the sale price. The higher of the two figures is used to calculate the applicable stamp duty and registration fees, ensuring that both parties are aware of their financial obligations during the transaction.

Frequently asked questions

What is the current guideline value of Sri Krishna Nagar?

The current guideline value of Sri Krishna Nagar 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 increased from Rs 292 per sq.ft in 2002 to Rs 6,600 per sq.ft in 2024, marking a significant overall increase of 2160% over this period.

What are the stamp duty rates applicable in Sri Krishna Nagar?

The stamp duty rate applicable in Sri Krishna Nagar is 7% on the guideline value or sale price, whichever is higher, along with a registration fee of 2%.

Where is the Villivakkam Sub Registrar Office located?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.

What are the guideline values of other streets in Padi?

Other streets in Padi have varying guideline values, with rates ranging from Rs 2,200 to Rs 13,200 per sq.ft. For example, Sri Krishna Appartments (Officers Colony) also has a guideline value of Rs 6,600 per sq.ft in 2024.