Guideline Value for Balakrishnapuram 2nd Street (Balakrishnapuram colony)

Balakrishnapuram 2nd Street (Balakrishnapuram colony) guideline value

The current guideline value of Balakrishnapuram 2nd Street (Balakrishnapuram colony) is Rs 3,900 per sq.ft, effective from 1 July 2024. This street is located in Adambakkam village and falls under the Alandur SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Balakrishnapuram 2nd Street (Balakrishnapuram colony) has changed

The guideline value for Balakrishnapuram 2nd Street has undergone several revisions over the years. The 2012 revision set the value at Rs 3,500 per sq.ft, which was then decreased to Rs 2,345 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 3,500 per sq.ft in 2023, and finally rose to Rs 3,900 per sq.ft in the 2024 revision, marking an 11% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 11%. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO that carry a 2024 guideline value, ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,900 per sq.ft, which is equal to the 2024 figure for Balakrishnapuram 2nd Street.

• Balakrishnapuram 1st Street (Balakrishnapuram colony): Rs 3,900 per sq.ft (2024)
• Balakrishna Puram 3rd Street: Rs 3,900 per sq.ft (2024)
• Balakrishna Puram: Rs 3,900 per sq.ft (2024)
• Balakrishnapuram 4th Street (Balakrishnapuram colony): Rs 3,900 per sq.ft (2024)
• Balakrishnapuram 5th Street (Balakrishnapuram colony): Rs 3,900 per sq.ft (2024)
• Balakrishnapuram 6th Street (Balakrishnapuram colony): Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Balakrishnapuram 2nd Street (Balakrishnapuram colony)

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value amounts to Rs 39,00,000. The stamp duty at 7% would be Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, bringing the total cost for these fees to Rs 3,51,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more information on calculating these fees.

Which Sub Registrar Office covers Balakrishnapuram 2nd Street (Balakrishnapuram colony)?

The Sub Registrar Office that covers Balakrishnapuram 2nd Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. For more details, you can find your SRO.

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

The guideline value is a crucial factor during the registration of property transactions in Adambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the property is not sold for less than its assessed value.

When buying or selling property, the guideline value aids in calculating the stamp duty and registration fees, which are essential for the legal transfer of ownership. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Balakrishnapuram 2nd Street?

The current guideline value of Balakrishnapuram 2nd Street (Balakrishnapuram colony) is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2023 to Rs 3,900 per sq.ft in 2024, reflecting an 11% increase. It was Rs 2,345 per sq.ft in 2017 and Rs 3,500 per sq.ft in 2012, showing a significant change over the years.

What is the land classification for Balakrishnapuram 2nd Street?

Balakrishnapuram 2nd Street is classified as Residential Class I Type - III, indicating its suitability for residential development.

Where can I find the registration office for Balakrishnapuram 2nd Street?

The registration office for Balakrishnapuram 2nd Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is the stamp duty calculated for properties in Adambakkam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 39,00,000, the stamp duty at 7% would amount to Rs 2,73,000.