Guideline Value for BALAVINAYAGAR 1ST STREET

Balavinayagar 1st Street guideline value

The current guideline value of Balavinayagar 1st Street is Rs 6,000 per sq.ft, effective from 1 July 2024. This street is located in Arumbakkam village, under the Kodambakkam SRO, and is classified as Residential Special Type - II.

How the guideline value of Balavinayagar 1st Street has changed

The guideline value for Balavinayagar 1st Street has undergone several revisions over the years. The 2012 revision recorded a value of Rs 5,500 per sq.ft, which decreased to Rs 3,685 per sq.ft in 2017, representing a decline of 33%. The subsequent revision in 2023 saw an increase to Rs 5,500 per sq.ft, followed by the current 2024 revision which raised it to Rs 6,000 per sq.ft, marking a 9% increase from the previous year.

In total, from the 2012 revision to the current 2024 revision, the guideline value has increased by 9%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Arumbakkam

In Arumbakkam, there are 391 streets under the Kodambakkam SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 16,500 per sq.ft. The median guideline value in this area is Rs 6,000 per sq.ft, which is equal to the current guideline value of Balavinayagar 1st Street.

• Balavinayagar 1st Main Road: Rs 6,000 per sq.ft (2024)
• Balavinayagar 2nd Street: Rs 6,000 per sq.ft (2024)
• Balavinayagar 3rd Street: Rs 6,000 per sq.ft (2024)
• Balavinayagar 4th Street: Rs 6,000 per sq.ft (2024)
• Balavinayagar Nagar: Rs 6,000 per sq.ft (2024)
• Balavinayagar Nagar Extn.,: Rs 6,000 per sq.ft (2024)

Stamp duty and registration fee for property in Balavinayagar 1st Street

For a 1,000 sq.ft plot at the current rate of Rs 6,000 per sq.ft, the guideline value amounts to Rs 60,00,000. The stamp duty at 7% would be Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, bringing the total to Rs 5,40,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Balavinayagar 1st Street?

The Sub Registrar Office that covers Balavinayagar 1st Street is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Arumbakkam. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling property, it is essential to consider the guideline value as it can influence the overall costs associated with the transaction. Buyers should be aware that the duty is charged on either the guideline value or the sale price, depending on which is higher.

Frequently asked questions

What is the current guideline value of Balavinayagar 1st Street?

The current guideline value of Balavinayagar 1st Street is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 5,500 per sq.ft in 2012 to Rs 3,685 per sq.ft in 2017, then back to Rs 5,500 per sq.ft in 2023, and finally to Rs 6,000 per sq.ft in 2024.

What is the land classification for Balavinayagar 1st Street?

Balavinayagar 1st Street is classified as Residential Special Type - II.

Where is the Kodambakkam Sub Registrar Office located?

The Kodambakkam Sub Registrar Office is located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, a property valued at Rs 60,00,000 would incur a stamp duty of Rs 4,20,000 at 7%.