Guideline Value for Balakrishnan Street (Nehru Nagar)

Balakrishnan Street (Nehru Nagar) guideline value

The current guideline value of Balakrishnan Street (Nehru Nagar) is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Erukancherry village and falls under the Madhavaram SRO, classified as Residential Class IV Type - I.

How the guideline value of Balakrishnan Street (Nehru Nagar) has changed

The guideline value for Balakrishnan Street has undergone several revisions over the years. In 2012, the value was set at Rs 2,000 per sq.ft, which then decreased to Rs 1,340 per sq.ft in 2017. Following this, the value increased to Rs 2,000 per sq.ft in the 2023 revision, and the current value is Rs 2,200 per sq.ft from the 2024 revision, reflecting a 10% increase from the previous year.

From 2017 to 2023, the guideline value rose significantly by 49%. Overall, from 2012 to 2024, there has been a 10% increase in the guideline value. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Erukancherry

In Erukancherry village, there are 376 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,900 to Rs 3,800 per sq.ft, with a median value of Rs 2,500 per sq.ft. Balakrishnan Street's 2024 guideline value is below this median.

• Balakrishnan Street: Rs 2,200 per sq.ft (2024)
• Balaji Street: Rs 2,500 per sq.ft (2024)
• Baradhdasan Street (Vivekananda Nagar): Rs 3,000 per sq.ft (2024)
• Baradhiar Street (Vivekananda Nagar): Rs 3,000 per sq.ft (2024)
• Balaji Nagar: Rs 1,900 per sq.ft (2024)
• Bhagavathi 1st Cross Street (Lakshmiamman Nagar): Rs 1,900 per sq.ft (2024)

Stamp duty and registration fee for property in Balakrishnan Street (Nehru Nagar)

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 be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total 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 details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Balakrishnan Street (Nehru Nagar)?

The Sub Registrar Office that covers Balakrishnan Street (Nehru 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 Erukancherry

The guideline value is a crucial factor in property transactions, as it determines the minimum value at which a property can be registered. When buying or selling a property in Erukancherry, the guideline value is used to calculate the applicable stamp duty and registration fees, ensuring compliance with local regulations.

It is essential for buyers and sellers to be aware of the current guideline value, as it can significantly impact the overall cost of the transaction. Accurate knowledge of the guideline value helps in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of Balakrishnan Street (Nehru Nagar)?

The current guideline value of Balakrishnan Street (Nehru Nagar) 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 currently stands at Rs 2,200 per sq.ft in 2024.

What is the land classification of Balakrishnan Street?

Balakrishnan Street is classified as Residential Class IV Type - I under the Madhavaram SRO.

What is the stamp duty rate for properties in Balakrishnan Street?

The stamp duty rate for properties in Balakrishnan Street is 7%, which is calculated based on the higher of the guideline value or the sale price.

Where is the Madhavaram Sub Registrar Office located?

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