Guideline Value for Balakrishna Nagar Main Road

Balakrishna Nagar Main Road guideline value

The current guideline value of Balakrishna Nagar Main Road is Rs 2,200 per sq.ft, effective from 1 July 2024. This road is located in Nerkundram village under the Virugambakkam Sub Registrar Office (SRO). The land classification for this area is Residential Class IV Type - I.

How the guideline value of Balakrishna Nagar Main Road has changed

The guideline value for Balakrishna Nagar Main Road has seen several revisions over the years. In 2002, the value was Rs 103 per sq.ft, which increased to Rs 250 per sq.ft in 2003, marking a rise of 143%. The value then rose to Rs 300 per sq.ft in 2007, a 20% increase. Following this, the value surged to Rs 2,000 per sq.ft in 2012, reflecting a significant increase of 567%. However, it decreased to Rs 1,340 per sq.ft in 2017, a drop of 33%. The value then increased to Rs 2,000 per sq.ft in 2023, followed by a further increase to Rs 2,200 per sq.ft in 2024, a rise of 10%.

The overall change from 2002 to 2024 is an increase of 2036%. Notably, there are no figures available for the revisions in years other than those mentioned above.

Guideline values in Nerkundram

In Nerkundram, there are 476 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median value is Rs 2,200 per sq.ft, which is equal to the current guideline value of Balakrishna Nagar Main Road.

• Balakrishna Nagar 5th Street: Rs 2,200 per sq.ft (2024)
• Balakrishna Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Balakrishna Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Balakrishna Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Balakrishna Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Balavinayagar Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Balakrishna Nagar Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, making the total fees together Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Balakrishna Nagar Main Road?

The Sub Registrar Office that covers Balakrishna Nagar Main Road is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is a critical factor in property transactions in Nerkundram. It serves as a benchmark for determining the minimum value at which properties can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that these costs are aligned with the official valuation of the property.

During the registration process, the buyer and seller must consider the guideline value to ensure compliance with local regulations. This value is essential for both parties to understand the financial implications of the transaction, including the fees that will be incurred based on the guideline value.

Frequently asked questions

What is the current guideline value of Balakrishna Nagar Main Road?

The current guideline value of Balakrishna Nagar Main Road is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has experienced several revisions, increasing from Rs 103 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, representing an overall increase of 2036%.

What is the land classification for Balakrishna Nagar Main Road?

The land classification for Balakrishna Nagar Main Road is Residential Class IV Type - I, indicating its designation for residential use.

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

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Where is the Sub Registrar Office for Balakrishna Nagar Main Road located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037, and it covers Balakrishna Nagar Main Road.