Guideline Value for BALARAMAN GARDEN 2ND RIGHT CROSS STREET

Balaraman Garden 2nd Right Cross Street guideline value

The current guideline value of Balaraman Garden 2nd Right Cross Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Manapakkam village, under the Chennai South Joint I SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Balaraman Garden 2nd Right Cross Street has changed

The guideline value for Balaraman Garden 2nd Right Cross Street has seen several revisions over the years. The 2012 revision set the value at Rs 3,000 per sq.ft, which then decreased to Rs 2,010 per sq.ft in the 2017 revision. Following this, the 2023 revision brought the value back up to Rs 3,000 per sq.ft, and the most recent 2024 revision increased it to Rs 3,300 per sq.ft, marking a 10% increase from the previous year.

From 2017 to 2023, there was a significant increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Manapakkam

In Manapakkam, there are a total of 368 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 12,800 per sq.ft. The median guideline value in this area is Rs 2,530 per sq.ft, placing Balaraman Garden 2nd Right Cross Street's 2024 figure above that median.

• Balaraman Garden 1st Right Cross Street: Rs 3,300 per sq.ft (2024)
• Balaraman Garden 3rd Right Cross Street: Rs 3,300 per sq.ft (2024)
• Balaraman Garden Main Salai: Rs 3,300 per sq.ft (2024)
• Balaraman Street/Garden: Rs 3,300 per sq.ft (2024)
• Bajanai Kovil Street: Rs 2,200 per sq.ft (2024)
• Bajanai Koil 4th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Balaraman Garden 2nd Right Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, making the total cost for these fees Rs 2,97,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Balaraman Garden 2nd Right Cross Street?

The Sub Registrar Office that covers Balaraman Garden 2nd Right Cross Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Manapakkam, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as the registration fees and stamp duties are calculated based on the guideline value or the sale price, whichever is higher.

When registering a property, it is essential to ensure that the sale price is not lower than the guideline value to avoid any legal complications. This ensures that all transactions are transparent and adhere to the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value of Balaraman Garden 2nd Right Cross Street?

The current guideline value of Balaraman Garden 2nd Right Cross Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2023 to Rs 3,300 per sq.ft in 2024, marking a 10% increase. It was Rs 2,010 per sq.ft in 2017, showing a 49% increase from then to 2023.

What is the land classification for Balaraman Garden 2nd Right Cross Street?

The land classification for Balaraman Garden 2nd Right Cross Street is Residential Class I Type - I.

What are the registration fees for property transactions?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at 7%, and the registration fee would be Rs 66,000 at 2%, totaling Rs 2,97,000. These fees are based on the higher of the guideline value or the sale price.

Which office handles registrations for this area?

The Chennai South Joint I Sub Registrar Office handles registrations for Balaraman Garden 2nd Right Cross Street. It is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.