Guideline Value for Balakrishna Nagar 5th Street

Balakrishna Nagar 5th Street guideline value

The current guideline value of Balakrishna Nagar 5th Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village under the Virugambakkam SRO and is classified as Residential Class IV Type - I.

How the guideline value of Balakrishna Nagar 5th Street has changed

The guideline value for Balakrishna Nagar 5th Street has seen several revisions over the years. The 2012 revision recorded a value of Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 2,000 per sq.ft in the 2023 revision, and finally, it rose to Rs 2,200 per sq.ft in the 2024 revision. Notably, the register has no figures for this street for the years 2002, 2003, and 2007.

From the 2012 to 2017 revision, there was a decrease of 33%. However, from 2017 to 2023, the value increased by 49%. The overall change from 2012 to 2024 reflects a 10% increase, aligning with the median value in Nerkundram.

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 for these streets is Rs 2,200 per sq.ft, which matches the current guideline value for Balakrishna Nagar 5th Street.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% is Rs 1,54,000, and the registration fee at 2% is Rs 44,000, making the total amount payable 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. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Balakrishna Nagar 5th Street?

The Sub Registrar Office that covers Balakrishna Nagar 5th 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 of property transactions in Nerkundram. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring transparency and compliance with regulatory requirements.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. Buyers must be aware that these fees are based on the higher of the guideline value or the actual sale price, which can significantly affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Balakrishna Nagar 5th Street?

The current guideline value of Balakrishna Nagar 5th 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 from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What are the other streets in Nerkundram with the same guideline value?

Other streets in Nerkundram with a guideline value of Rs 2,200 per sq.ft include Balakrishna Nagar 1st Street, 2nd Street, 3rd Street, 4th Street, Main Road, and Balavinayagar Nagar.

How is stamp duty calculated for properties in Balakrishna Nagar 5th Street?

Stamp duty for properties is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current rate incurs a stamp duty of Rs 1,54,000.

Which office handles property registrations for Balakrishna Nagar 5th Street?

The Virugambakkam Sub Registrar Office handles property registrations for Balakrishna Nagar 5th Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.