Guideline Value for Sri Krishna Avenue

Sri Krishna Avenue guideline value

The current guideline value of Sri Krishna Avenue in Sholavaram village is Rs 1,320 per sq.ft, effective from 1 July 2024. This area falls under the Redhills Sub Registrar Office (SRO) and is classified as Residential Special Type - I.

How the guideline value of Sri Krishna Avenue has changed

The guideline value for Sri Krishna Avenue has undergone several revisions over the years. In the 2017 revision, the value was set at Rs 804 per sq.ft. This increased to Rs 1,200 per sq.ft in the 2023 revision, marking a significant rise of 49%. The most recent revision in 2024 has further increased the value to Rs 1,320 per sq.ft, which represents a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Sholavaram

In Sholavaram, there are 98 streets under the Redhills SRO that have a 2024 guideline value ranging from Rs 515 to Rs 3,500 per sq.ft, with a median value of Rs 660 per sq.ft. Sri Krishna Avenue's 2024 figure of Rs 1,320 per sq.ft is above this median.

• Sri Lakshmi Ganapathy Nagar: Rs 515 per sq.ft (2024)
• Sridhar Nagar: Rs 550 per sq.ft (2024)
• Sri Chengalamman Garden: Rs 550 per sq.ft (2024)
• Srinivasa Nagar Annex: Rs 550 per sq.ft (2024)
• Sri Amman Nagar: Rs 770 per sq.ft (2024)
• Sri Ragavendra Modern Town: Rs 660 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Krishna Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value would be Rs 13,20,000. The stamp duty at 7% would amount to Rs 92,400, and the registration fee at 2% would be Rs 26,400, resulting in a total of Rs 1,18,800. 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 details.

Which Sub Registrar Office covers Sri Krishna Avenue?

The Sub Registrar Office covering Sri Krishna Avenue 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 information.

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

The guideline value is a crucial factor when buying or selling property in Sholavaram. It serves as a reference for determining the stamp duty and registration fees that need to be paid. Buyers and sellers should be aware that these fees are calculated based on the guideline 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 legal and tax purposes. This system helps maintain transparency in property transactions within the region.

Frequently asked questions

What is the current guideline value of Sri Krishna Avenue?

The current guideline value of Sri Krishna Avenue is Rs 1,320 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed from Rs 804 per sq.ft in 2017 to Rs 1,320 per sq.ft in 2024, marking an overall increase of 64% over this period.

What are the stamp duty and registration fees for properties in Sri Krishna Avenue?

For a property valued at Rs 13,20,000, the stamp duty would be Rs 92,400, and the registration fee would be Rs 26,400, totaling Rs 1,18,800.

Which office handles property registrations for Sri Krishna Avenue?

The Redhills Sub Registrar Office handles property registrations for Sri Krishna Avenue, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

What is the significance of the guideline value in property transactions?

The guideline value is significant as it determines the stamp duty and registration fees for property transactions. It ensures that properties are recorded at a fair value for legal and tax purposes.