Guideline Value for BALAIAH AVENUE

Balaiah Avenue guideline value

The current guideline value of Balaiah Avenue is Rs 13,200 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class II Type - I.

How the guideline value of Balaiah Avenue has changed

The guideline value for Balaiah Avenue has seen significant changes over the years. In 2002, the value was Rs 2,859 per sq.ft, which increased to Rs 3,176 per sq.ft in 2003, marking an 11% rise. By 2007, the value further increased to Rs 3,430 per sq.ft, a growth of 8%. The most substantial jump occurred between 2007 and 2012, where the value surged to Rs 12,000 per sq.ft, reflecting a remarkable 250% increase. However, in 2017, the value dropped to Rs 8,040 per sq.ft, a decrease of 33%. The latest revision in 2024 has brought the guideline value to Rs 13,200 per sq.ft, which is a 64% increase from 2017.

It is important to note that there is no guideline value recorded for Balaiah Avenue in the 2023 revision. Overall, from 2002 to 2024, the guideline value has increased by 362%.

Guideline values in Mylapore

Mylapore village has a total of 883 streets under the Mylapore SRO, with guideline values ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, making the current value of Balaiah Avenue above the median.

• Bakthavachalam Salai (Warran Road): Rs 13,200 per sq.ft (2024)
• Balaji Nagar 1st Street: Rs 11,500 per sq.ft (2024)
• Balaji Nagar 2nd Street: Rs 11,500 per sq.ft (2024)
• Balaji Nagar 3rd Street: Rs 11,500 per sq.ft (2024)
• Balaji Nagar 4th Street: Rs 11,500 per sq.ft (2024)
• Bagirathi Ammal Street: Rs 11,500 per sq.ft (2024)

Stamp duty and registration fee for property in Balaiah Avenue

For a property on Balaiah Avenue measuring 1,000 sq.ft at the current guideline value of Rs 13,200 per sq.ft, the total guideline value amounts to Rs 1,32,00,000. The stamp duty, charged at 7%, would be Rs 9,24,000, while the registration fee at 2% would be Rs 2,64,000. This brings the total cost for stamp duty and registration fees to Rs 11,88,000. 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 further calculations.

Which Sub Registrar Office covers Balaiah Avenue?

The Sub Registrar Office that covers Balaiah Avenue is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Mylapore. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property. This ensures that the government receives the appropriate revenue from property sales.

When selling property, the guideline value serves as a benchmark for pricing. It helps both buyers and sellers understand the minimum value at which a property can be registered, ensuring transparency in the transaction process.

Frequently asked questions

What is the current guideline value of Balaiah Avenue?

The current guideline value of Balaiah Avenue is Rs 13,200 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 2,859 per sq.ft in 2002 to Rs 13,200 per sq.ft in 2024, reflecting an overall increase of 362% over this period.

What was the guideline value in the last revision before 2024?

The last revision before 2024 was in 2017, where the guideline value was Rs 8,040 per sq.ft.

Which Sub Registrar Office covers Balaiah Avenue?

The Mylapore Sub Registrar Office covers Balaiah Avenue, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

How is stamp duty calculated for properties in Balaiah Avenue?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 1,32,00,000, the stamp duty at 7% would amount to Rs 9,24,000.