Guideline Value for Balakrishna Nagar, Ponniammanmedu (Ward-23)

Balakrishna Nagar, Ponniammanmedu (Ward-23) guideline value

The current guideline value for Balakrishna Nagar, Ponniammanmedu (Ward-23) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area falls under Madhavaram village and is classified as Residential Class III Type - I.

How the guideline value of Balakrishna Nagar, Ponniammanmedu (Ward-23) has changed

The guideline value for Balakrishna Nagar has seen several revisions over the years. In 2012, the value was Rs 1,200 per sq.ft, which decreased to Rs 804 per sq.ft in 2017. Following this, the value increased significantly to Rs 1,200 per sq.ft in 2023, and currently stands at Rs 1,300 per sq.ft from the 2024 revision. The register has no figures for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, there was a decrease of 33%, while from 2017 to 2023, the value increased by 49%. The latest revision from 2023 to 2024 shows an increase of 8%. Overall, from 2012 to 2024, the guideline value has increased by 8%.

Guideline values in Madhavaram

Madhavaram village has a total of 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value in this area is Rs 1,600 per sq.ft, making the current value of Balakrishna Nagar below the median.

• Balakrishna Nagar: Rs 1,300 per sq.ft (2024)
• Balaji Nagar Road (Moolachathiram) (Ward No.2): Rs 1,300 per sq.ft (2024)
• Balaji Nagar (Moolachatram Madura): Rs 1,300 per sq.ft (2024)
• Balamurugan Nagar (Ward-01): Rs 1,300 per sq.ft (2024)
• Balaraman Street: Rs 1,300 per sq.ft (2024)
• Balaji Nagar Cross st (Ward No.3): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Balakrishna Nagar, Ponniammanmedu (Ward-23)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, totaling Rs 1,17,000. Duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Balakrishna Nagar, Ponniammanmedu (Ward-23)?

The Sub Registrar Office that covers Balakrishna Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Madhavaram. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property. This value ensures that the government receives the appropriate taxes based on the property's worth as assessed by the guideline value register.

When selling property, the guideline value helps establish a baseline for negotiations between buyers and sellers. It provides a standard reference point that can influence the final sale price, ensuring that transactions are conducted fairly and transparently.

Frequently asked questions

What is the current guideline value for Balakrishna Nagar?

The current guideline value for Balakrishna Nagar, Ponniammanmedu (Ward-23) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then increased to Rs 1,200 per sq.ft in 2023, and is currently Rs 1,300 per sq.ft in 2024. The register has no figures for the years 2002, 2003, and 2007 for this street.

What is the land classification for Balakrishna Nagar?

Balakrishna Nagar is classified as Residential Class III Type - I, indicating its designation for residential purposes.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000, and the registration fee would be Rs 26,000, totaling Rs 1,17,000. Duty is charged on the higher of the guideline value and the sale price.

Where can I find the Sub Registrar Office for Balakrishna Nagar?

The Madhavaram Sub Registrar Office covers Balakrishna Nagar and is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.