Guideline Value for Sri Krishna Nagar 2nd Street

Sri Krishna Nagar 2nd Street guideline value

The current guideline value of Sri Krishna Nagar 2nd Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village, under the Velacheri SRO, and is classified as Residential Class II Type - I.

How the guideline value of Sri Krishna Nagar 2nd Street has changed

In the 2017 revision, the guideline value was Rs 1,340 per sq.ft. This figure increased significantly to Rs 2,000 per sq.ft in the 2023 revision, marking a 49% rise. The latest revision in 2024 has further increased the guideline value to Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2017 to 2024, the guideline value has risen 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 Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,750 per sq.ft, placing Sri Krishna Nagar 2nd Street's 2024 figure below that median.

• Sri Krishna Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Sri Krishna Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Sri Krishna Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Sri Iswariya Nagar: Rs 2,200 per sq.ft (2024)
• Sri Murugan Nagar: Rs 2,200 per sq.ft (2024)
• Sridharan Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Krishna Nagar 2nd Street

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Sri Krishna Nagar 2nd Street?

The Sub Registrar Office that covers Sri Krishna Nagar 2nd Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor in property transactions in Madipakkam-1, as it determines the minimum value at which a property can be registered. Buyers and sellers must be aware of the current guideline value to ensure compliance with registration requirements.

When registering a property, the guideline value is used to calculate the applicable stamp duty and registration fees, which are essential costs that must be factored into any property transaction.

Frequently asked questions

What is the current guideline value of Sri Krishna Nagar 2nd Street?

The current guideline value of Sri Krishna Nagar 2nd Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024. This represents a 64% increase over the seven-year period.

What is the land classification for Sri Krishna Nagar 2nd Street?

Sri Krishna Nagar 2nd Street is classified as Residential Class II Type - I, which indicates its designation for residential use.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office covering Sri Krishna Nagar 2nd Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a property with a guideline value of Rs 22,00,000, the stamp duty would be Rs 1,54,000 at 7% and the registration fee would be Rs 44,000 at 2%.