Guideline Value for Balakrishna Nagar 3rd Street

Balakrishna Nagar 3rd Street guideline value

The current guideline value of Balakrishna Nagar 3rd 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, with a land classification of Residential Class IV Type - I.

How the guideline value of Balakrishna Nagar 3rd Street has changed

The guideline value for Balakrishna Nagar 3rd Street has seen several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 103 per sq.ft. It increased to Rs 250 per sq.ft in 2003, followed by a rise to Rs 300 per sq.ft in 2007. The 2012 revision saw a significant increase to Rs 2,000 per sq.ft, but this was followed by a decrease to Rs 1,340 per sq.ft in 2017. The guideline value then increased to Rs 2,000 per sq.ft in 2023, and the latest revision in 2024 has set it at Rs 2,200 per sq.ft.

In terms of percentage changes, the guideline value increased by 143% from 2002 to 2003, by 20% from 2003 to 2007, and by 567% from 2007 to 2012. However, it decreased by 33% from 2012 to 2017. The value then increased by 49% from 2017 to 2023 and by 10% from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 2036%.

Guideline values in Nerkundram

Nerkundram village has a total of 476 streets under the Virugambakkam SRO, with guideline values ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median guideline value is Rs 2,200 per sq.ft, which is equal to the current value of Balakrishna Nagar 3rd Street.

• Balakrishna Nagar 2nd 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 1st 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 3rd 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 amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost for these fees to 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 3rd Street?

The Sub Registrar Office that covers Balakrishna Nagar 3rd 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 details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Nerkundram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When a property is sold, the guideline value is used to calculate the applicable fees, which are based on the higher of the guideline value or the sale price. This ensures transparency and standardization in property transactions within the region.

Frequently asked questions

What is the current guideline value of Balakrishna Nagar 3rd Street?

The current guideline value of Balakrishna Nagar 3rd 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 changed significantly from Rs 103 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, with various increases and decreases across the years.

What is the stamp duty for property in Balakrishna Nagar 3rd Street?

The stamp duty for property in Balakrishna Nagar 3rd Street is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Balakrishna Nagar 3rd Street located?

The Sub Registrar Office for Balakrishna Nagar 3rd Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Balakrishna Nagar 3rd Street?

Balakrishna Nagar 3rd Street has a land classification of Residential Class IV Type - I.