Guideline Value for Sri Krishna Nagar 3rd Street

Sri Krishna Nagar 3rd Street guideline value

The current guideline value of Sri Krishna Nagar 3rd 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 it falls under the Residential Class II Type - I land classification.

How the guideline value of Sri Krishna Nagar 3rd Street has changed

The guideline value for Sri Krishna Nagar 3rd Street has seen significant changes over the years. In the 2017 revision, the value was Rs 1,340 per sq.ft. This increased to Rs 2,000 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

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

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO with a guideline value range for 2024 from Rs 1,650 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, indicating that the guideline value of Sri Krishna Nagar 3rd Street is below this median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total 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, totaling Rs 1,98,000. 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 details on fees applicable to your property transaction.

Which Sub Registrar Office covers Sri Krishna Nagar 3rd Street?

The Sri Krishna Nagar 3rd Street falls under the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For more information, you can find your SRO.

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

The guideline value is a crucial factor during property registration in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when a property is sold or purchased.

When a buyer or seller engages in a transaction, the guideline value is assessed to ensure that the correct fees are applied. This helps maintain transparency and standardization in property transactions.

Frequently asked questions

What is the current guideline value of Sri Krishna Nagar 3rd Street?

The current guideline value of Sri Krishna Nagar 3rd Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much 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, marking an overall increase of 64% during this period.

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

For a property valued at 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, totaling Rs 1,98,000.

Which Sub Registrar Office covers Sri Krishna Nagar 3rd Street?

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

How is the guideline value determined for properties?

The guideline value is determined by the Registration Department and is based on various factors, including land classification and location. It is periodically revised to reflect changes in the real estate market.