Guideline Value for Balakrishna Nagar 2nd Street

Balakrishna Nagar 2nd Street guideline value

The current guideline value of Balakrishna Nagar 2nd Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Balakrishna Nagar 2nd Street has changed

The guideline value for Balakrishna Nagar 2nd Street has undergone several revisions over the years. In 2002, the guideline value was Rs 103 per sq.ft, which increased to Rs 250 per sq.ft in 2003. Following this, in 2007, it saw a significant rise to Rs 300 per sq.ft. The value then reached Rs 2,000 per sq.ft in 2012, before dropping to Rs 1,340 per sq.ft in 2017. The 2023 revision set the value at Rs 2,000 per sq.ft, and the most recent 2024 revision has increased it to Rs 2,200 per sq.ft.

Overall, the changes between revisions show a substantial increase in the guideline value. From 2002 to 2024, the guideline value has increased by 2036%. Notably, the jump from Rs 1,340 per sq.ft in 2017 to Rs 2,000 per sq.ft in 2023 represents a 49% increase, and the latest revision from 2023 to 2024 reflects a 10% increase.

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 guideline value of Balakrishna Nagar 2nd Street.

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

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 be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, making the total cost for these fees Rs 1,98,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Balakrishna Nagar 2nd Street?

The Sub Registrar Office that covers Balakrishna Nagar 2nd Street 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 information.

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

The guideline value is a crucial factor when registering property transactions in Nerkundram. It serves as a benchmark for determining the stamp duty and registration fees that are applicable during the sale or purchase of property. Buyers and sellers must be aware of the current guideline value to ensure proper compliance with registration requirements.

When a property is sold, the guideline value is used to calculate the applicable fees, and it is essential for both parties to be informed of this value. The registration process is based on the guideline value or the sale price, whichever is higher, ensuring that the correct fees are applied during the transaction.

Frequently asked questions

What is the current guideline value of Balakrishna Nagar 2nd Street?

The current guideline value of Balakrishna Nagar 2nd Street 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 seen several revisions, increasing from Rs 103 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, which is an overall increase of 2036%.

What is the land classification for Balakrishna Nagar 2nd Street?

Balakrishna Nagar 2nd Street is classified as Residential Class IV Type - I.

Where can I find the Sub Registrar Office for this area?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. It is typically set at 7%, along with a registration fee of 2% of the guideline value.