Guideline Value for Balakrishna Pillai 1st lane

Balakrishna Pillai 1st lane guideline value

The current guideline value of Balakrishna Pillai 1st lane is Rs 3,300 per sq.ft, effective from 1 July 2024. This lane is located in Chindadripet village and falls under the Periamet SRO. The land classification is Residential Class III Type - I.

How the guideline value of Balakrishna Pillai 1st lane has changed

Over the years, the guideline value of Balakrishna Pillai 1st lane has seen several revisions. The 2007 revision set the value at Rs 600 per sq.ft, which increased significantly to Rs 3,000 per sq.ft in 2012, marking a 400% increase. However, the value dropped to Rs 2,010 per sq.ft in the 2017 revision, a decrease of 33%. The subsequent revision in 2023 saw the value rise to Rs 3,000 per sq.ft, followed by the latest revision in 2024, which brought it to Rs 3,300 per sq.ft, an increase of 10% from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2007 revision to the 2024 revision, there has been a substantial increase of 450%. It is important to note that there are no figures available for the revisions in 2002 and 2003 for this street.

Guideline values in Chindadripet

In Chindadripet, there are 98 streets under the Periamet SRO that carry a 2024 guideline value ranging from Rs 2,500 to Rs 18,100 per sq.ft, with the median being Rs 3,300 per sq.ft. The guideline value for Balakrishna Pillai 1st lane matches this median.

• Balakrishna pillai street: Rs 4,400 per sq.ft (2024)
• Bazaar south street: Rs 2,600 per sq.ft (2024)
• Bazaar Street: Rs 4,400 per sq.ft (2024)
• Ayya Mudali street: Rs 6,000 per sq.ft (2024)
• Ayya mudali lane: Rs 3,800 per sq.ft (2024)
• Ayya Mudalai Street: Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in Balakrishna Pillai 1st lane

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost for these fees to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Balakrishna Pillai 1st lane?

The Sub Registrar Office that covers Balakrishna Pillai 1st lane is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

The guideline value is a crucial factor in the property registration process in Chindadripet. It determines the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value according to the local regulations.

When buying or selling property, the guideline value impacts the calculation of stamp duty and registration fees, which are mandatory costs associated with property transactions. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, making it essential to understand the current guideline value before proceeding with a transaction.

Frequently asked questions

What is the current guideline value of Balakrishna Pillai 1st lane?

The current guideline value of Balakrishna Pillai 1st lane is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 450% over the years.

What is the land classification for Balakrishna Pillai 1st lane?

Balakrishna Pillai 1st lane is classified as Residential Class III Type - I.

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

The Sub Registrar Office covering Balakrishna Pillai 1st lane is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at a rate of 7%.