Guideline Value for Balakrishnan Street

Balakrishnan Street guideline value

The current guideline value of Balakrishnan Street is Rs 4,950 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village, under the Virugambakkam SRO, and is classified as Residential Class II Type - II.

How the guideline value of Balakrishnan Street has changed

The guideline value for Balakrishnan Street has seen several revisions over the years. In 2002, the value was Rs 417 per sq.ft, which increased to Rs 462 per sq.ft in 2003. Following this, there was a significant rise to Rs 1,100 per sq.ft in 2007, and the value further increased to Rs 4,500 per sq.ft in 2012. However, it then decreased to Rs 3,015 per sq.ft in 2017. The value rose again to Rs 4,500 per sq.ft in 2023, and currently stands at Rs 4,950 per sq.ft as of the 2024 revision.

From 2017 to 2023, the value increased by 49%, and from 2023 to 2024, there was a 10% increase. The overall change from 2002 to 2024 shows a remarkable increase of 1,087% in the guideline value for Balakrishnan Street.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, placing Balakrishnan Street's 2024 figure above that median.

• Balambal Nagar: Rs 4,400 per sq.ft (2024)
• Bangaru Naidu Colony 1st Street: Rs 5,500 per sq.ft (2024)
• Bangaru Naidu Colony 2nd Street: Rs 5,500 per sq.ft (2024)
• Bangaru Naidu Colony 3rd Street: Rs 5,500 per sq.ft (2024)
• Balaji Nagar 3rd Street: Rs 5,500 per sq.ft (2024)
• Balaji Nagar 2nd Street: Rs 5,500 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 4,950 per sq.ft, the total guideline value would be Rs 49,50,000. The stamp duty at 7% would amount to Rs 3,46,500, and the registration fee at 2% would be Rs 99,000, bringing the total fees together to Rs 4,45,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Balakrishnan Street?

The Sub Registrar Office covering Balakrishnan Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Virugambakkam. It serves as the basis for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling property, the guideline value helps determine the minimum price at which the property can be registered. It is essential for buyers and sellers to be aware of the current guideline value to avoid any discrepancies 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 4,950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times, starting at Rs 417 per sq.ft in 2002 and reaching Rs 4,950 per sq.ft in 2024. The most significant increase occurred between 2007 and 2012, with a rise of 309%.

What is the land classification of Balakrishnan Street?

Balakrishnan Street is classified as Residential Class II Type - II. This classification is important for understanding the permissible uses of the land.

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

The stamp duty rate for properties in Balakrishnan Street is 7%. This rate is applied to the higher of the guideline value or the sale price during registration.

Where is the Sub Registrar Office for Balakrishnan Street located?

The Sub Registrar Office for Balakrishnan Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. This office handles the registration of property transactions in the area.