Guideline Value for Balachandra Avenue 1st Street

Balachandra Avenue 1st Street guideline value

The current guideline value of Balachandra Avenue 1st Street is Rs 1,600 per sq.ft. This street is located in Rajakilpakkam village under the Selaiyur SRO, classified as Residential Class II Type - I.

How the guideline value of Balachandra Avenue 1st Street has changed

The guideline value for Balachandra Avenue 1st Street has undergone several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which remained unchanged until the 2017 revision, where it decreased to Rs 1,005 per sq.ft. Following this, the value increased significantly to Rs 1,500 per sq.ft in the 2023 revision, and it was further raised to Rs 1,600 per sq.ft in the 2024 revision, reflecting a 7% increase from the previous year.

In summary, from the 2012 revision to the 2017 revision, the guideline value decreased by 33%. However, from 2017 to 2023, it saw a substantial increase of 49%. Overall, comparing the 2012 and 2024 revisions, the guideline value has increased by 7%. The register has no figure for this street for the years 2002, 2003, and 2007.

Guideline values in Rajakilpakkam

In Rajakilpakkam, there are 384 streets under the Selaiyur SRO that carry a 2024 guideline value, ranging from Rs 850 to Rs 5,000 per sq.ft. The median value is Rs 2,150 per sq.ft, which means that the guideline value of Balachandra Avenue 1st Street is below this median.

• Balachandra Avenue: Rs 1,600 per sq.ft (2024)
• Balachandra Avenue 2nd Street: Rs 1,600 per sq.ft (2024)
• Balachandra Avenue 3rd Street: Rs 1,600 per sq.ft (2024)
• Bajanai Koil Street: Rs 2,400 per sq.ft (2024)
• Bajanai Koil 2nd Street: Rs 2,400 per sq.ft (2024)
• Bajanai Koil 2nd Cross Street: Rs 2,400 per sq.ft (2024)

Stamp duty and registration fee for property in Balachandra Avenue 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, making the total cost for these fees Rs 1,44,000. 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.

Which Sub Registrar Office covers Balachandra Avenue 1st Street?

The Sub Registrar Office that covers Balachandra Avenue 1st Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp to Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value serves as a benchmark for property transactions in Rajakilpakkam, ensuring that properties are registered at a fair value. When buying or selling a property, the guideline value is taken into account for calculating stamp duty and registration fees, which are mandatory for legal ownership transfer.

It is essential for buyers and sellers to be aware of the guideline value, as it affects the overall cost of the transaction. The registration office uses this value to determine the applicable fees, which can influence the final sale price and the financial obligations of the parties involved.

Frequently asked questions

What is the current guideline value of Balachandra Avenue 1st Street?

The current guideline value of Balachandra Avenue 1st Street is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,600 per sq.ft in 2024.

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

For a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000 and the registration fee would be Rs 32,000, totaling Rs 1,44,000.

Which office handles the registration for Balachandra Avenue 1st Street?

The Selaiyur Sub Registrar Office handles the registration for Balachandra Avenue 1st Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

What is the significance of the guideline value in property transactions?

The guideline value is crucial in property transactions as it determines the stamp duty and registration fees payable during the sale or purchase of a property, ensuring compliance with legal requirements.