Guideline Value for Sri Krishna Nagar

Sri Krishna Nagar guideline value

The current guideline value of Sri Krishna Nagar, located in Velachery village under the Velacheri SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - II.

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 155 per sq.ft, which increased to Rs 174 per sq.ft in 2003. Following this, there was a substantial rise to Rs 1,500 per sq.ft in 2007, marking an increase of 762%. The value then fluctuated, decreasing to Rs 4,000 per sq.ft in 2012, a drop of 33%. However, it surged again to Rs 2,680 per sq.ft in 2017, reflecting a 49% increase. The value further increased to Rs 4,000 per sq.ft in 2023 and finally reached Rs 4,400 per sq.ft in 2024, showing a 10% rise.

There are no figures available for the revisions in the years not mentioned. The overall increase from 2002 to 2024 is a remarkable 2,739%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, which is equal to the guideline value of Sri Krishna Nagar.

• Sri Nagar Colony: Rs 3,850 per sq.ft (2024)
• Sri Nagar Colony Main Road: Rs 3,850 per sq.ft (2024)
• Sri Nagar Colony Road: Rs 3,850 per sq.ft (2024)
• Sri Devi Nagar: Rs 4,400 per sq.ft (2024)
• Srinivasa Nagar 2nd Street: Rs 4,400 per sq.ft (2024)
• Srinivasa Nagar Extn: 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 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total cost for these fees to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Sri Krishna Nagar?

The Sub Registrar Office that covers Sri Krishna Nagar is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For further details, you can find your SRO.

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

The guideline value is a crucial factor during property registration in Velachery. It serves as a reference point for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees, ensuring that all transactions are conducted fairly and transparently in accordance with the law.

Frequently asked questions

What is the current guideline value of Sri Krishna Nagar?

The current guideline value of Sri Krishna Nagar is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 155 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, showing an overall increase of 2,739% over this period.

What is the land classification of Sri Krishna Nagar?

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

Where can I find the Sub Registrar Office for Sri Krishna Nagar?

The Sub Registrar Office for Sri Krishna Nagar 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, a 1,000 sq.ft plot at the current rate incurs a total fee of Rs 3,96,000.