Guideline Value for Balasubaraya Chetty Street

Balasubaraya Chetty Street guideline value

The current guideline value of Balasubaraya Chetty Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village under the Sowcarpet SRO, classified as Residential Special Type - II.

How the guideline value of Balasubaraya Chetty Street has changed

The guideline value for Balasubaraya Chetty Street has seen several revisions over the years. In 2007, the value was Rs 1,700 per sq.ft, which increased to Rs 5,000 per sq.ft in 2012. However, it then decreased to Rs 3,350 per sq.ft in 2017. The next revision in 2023 saw a significant rise to Rs 5,000 per sq.ft, and the most recent revision in 2024 has set it at Rs 5,500 per sq.ft. The register has no figures for the years 2002 and 2003.

From 2007 to 2012, the value increased by 194%, but then dropped by 33% from 2012 to 2017. Between 2017 and 2023, there was a notable increase of 49%, leading to the current value which reflects a total increase of 224% from the 2007 figure.

Guideline values in Muthiyalpet

In Muthiyalpet village, there are 357 streets under the Sowcarpet SRO that have a 2024 guideline value ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, indicating that Balasubaraya Chetty Street's current value is above this median.

• Balasubaraya Chetty Lane: Rs 5,500 per sq.ft (2024)
• Bangarammal Street: Rs 4,400 per sq.ft (2024)
• Bala Krishnan Street: Rs 6,000 per sq.ft (2024)
• Barlin Basin Street (Elephant Gate Street): Rs 6,000 per sq.ft (2024)
• Barracks 1st Lane: Rs 4,900 per sq.ft (2024)
• Barracks 2nd Lane: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Balasubaraya Chetty Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total to Rs 4,95,000. 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 Balasubaraya Chetty Street?

The Sub Registrar Office that covers Balasubaraya Chetty Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Muthiyalpet. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must ensure that the sale price is at least equal to the guideline value to avoid any legal complications during the registration process.

Additionally, the guideline value influences the stamp duty and registration fees that are applicable during the transaction. It is essential for both parties to be aware of the current guideline value to facilitate a smooth property transfer.

Frequently asked questions

What is the current guideline value of Balasubaraya Chetty Street?

The current guideline value of Balasubaraya Chetty Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 1,700 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 224% over this period.

What is the median guideline value for streets in Muthiyalpet?

The median guideline value for streets in Muthiyalpet is Rs 4,400 per sq.ft, with Balasubaraya Chetty Street's current value being above this median.

What are the stamp duty rates for properties in this area?

The stamp duty for properties in Balasubaraya Chetty Street is charged at 7% of the guideline value or sale price, whichever is higher.

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

The Sub Registrar Office for Balasubaraya Chetty Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01.