Guideline Value for Balakrishna Nagar

Balakrishna Nagar guideline value

The current guideline value of Balakrishna Nagar, located in Madhavaram village under the Madhavaram SRO, is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class III Type - I.

How the guideline value of Balakrishna Nagar has changed

The guideline value for Balakrishna Nagar has undergone several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which was then reduced to Rs 804 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 1,200 per sq.ft, and the latest 2024 revision has raised it further to Rs 1,300 per sq.ft, marking an 8% increase from the previous year.

In terms of percentage changes, the value increased by 49% from 2017 to 2023, while it decreased by 33% from 2012 to 2017. Over the overall period from 2012 to 2024, the guideline value has increased by 8%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. Balakrishna Nagar's 2024 figure is below this median.

• Balakrishna Nagar, Ponniammanmedu (Ward-23): 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

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, bringing the total fees to Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Balakrishna Nagar?

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 is a crucial factor when buying or selling property in Madhavaram. It determines the minimum value at which a property can be registered and is used to calculate the stamp duty and registration fees applicable during the transaction.

When a property is sold, the guideline value ensures that the sale price is not undervalued for the purpose of taxation. This helps maintain transparency in property transactions and ensures that the government receives the appropriate revenue from property sales.

Frequently asked questions

What is the current guideline value of Balakrishna Nagar?

The current guideline value of Balakrishna Nagar 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 to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What is the land classification of Balakrishna Nagar?

Balakrishna Nagar is classified as Residential Class III Type - I.

What are the stamp duty and registration fees for properties in Balakrishna Nagar?

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.

Where is the Sub Registrar Office for Balakrishna Nagar located?

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