Guideline Value for Balakrishnan Street

Balakrishnan Street guideline value

The current guideline value of Balakrishnan Street in Erukancherry village under the Madhavaram SRO is Rs 2,500 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class III Type - I.

How the guideline value of Balakrishnan Street has changed

The guideline value for Balakrishnan Street has seen several revisions over the years. Starting from the 2012 revision, the value was Rs 2,300 per sq.ft. This figure remained until the 2017 revision, where it dropped to Rs 1,541 per sq.ft, marking a decrease of 33%. The value increased again in the 2023 revision to Rs 2,300 per sq.ft, and then rose to Rs 2,500 per sq.ft in the 2024 revision, reflecting a 9% increase.

Between the 2017 and 2023 revisions, there was a significant increase of 49%. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 9%. It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street.

Guideline values in Erukancherry

In Erukancherry, 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 the median value being Rs 2,500 per sq.ft. Balakrishnan Street's 2024 figure aligns with this median.

• Balakrishnan Street (Nehru Nagar): 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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value would be Rs 25,00,000. The stamp duty at 7% would amount to Rs 1,75,000, while the registration fee at 2% would be Rs 50,000, bringing the total to Rs 2,25,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Balakrishnan Street?

The Madhavaram Sub Registrar Office covers Balakrishnan Street, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process for property transactions in Erukancherry. It serves as a reference point for determining the stamp duty and registration fees that must be paid during the sale or purchase of property.

When a property is registered, the guideline value is used to calculate the applicable fees, ensuring that both the buyer and seller are aware of the financial obligations involved in the transaction. It is essential for buyers to be informed about the guideline value to avoid any surprises during the registration process.

Frequently asked questions

What is the current guideline value of Balakrishnan Street?

The current guideline value of Balakrishnan Street is Rs 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,300 per sq.ft in 2012 to Rs 1,541 per sq.ft in 2017, then increased to Rs 2,300 per sq.ft in 2023, and finally to Rs 2,500 per sq.ft in 2024.

What is the classification of land on Balakrishnan Street?

Balakrishnan Street is classified as Residential Class III Type - I.

What are the stamp duty and registration fees for property in Balakrishnan Street?

For a property valued at Rs 25,00,000, the stamp duty would be Rs 1,75,000 and the registration fee would be Rs 50,000, totaling Rs 2,25,000.

Where is the Madhavaram Sub Registrar Office located?

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