Guideline Value for Balvadi 1st Street

Balvadi 1st Street guideline value

The current guideline value of Balvadi 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village, under the Virugambakkam SRO, and is classified as Residential Class I Type - II.

How the guideline value of Balvadi 1st Street has changed

Since 2002, the guideline value of Balvadi 1st Street has seen significant changes. In 2002, the value was Rs 75 per sq.ft, which increased to Rs 83 per sq.ft in 2003. Following this, there was a substantial rise to Rs 400 per sq.ft in 2007, and then it jumped to Rs 3,000 per sq.ft in 2012. However, it decreased to Rs 2,010 per sq.ft in 2017 before rising again to Rs 3,000 per sq.ft in 2023. The most recent revision in 2024 set the guideline value at Rs 3,300 per sq.ft, marking a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 4,300%. The changes between the revisions are notable: from 2017 to 2023, there was a 49% increase; from 2012 to 2017, a decrease of 33%; from 2007 to 2012, an increase of 650%; from 2003 to 2007, an increase of 382%; and from 2002 to 2003, an increase of 11%. The register has no figure for revisions in years other than those mentioned.

Guideline values in Nerkundram

In Nerkundram, there are 476 streets under the Virugambakkam SRO with guideline values for 2024 ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median value is Rs 2,200 per sq.ft, and Balvadi 1st Street's current value of Rs 3,300 per sq.ft is above this median.

• Balvadi 2nd Street: Rs 3,300 per sq.ft (2024)
• Balvadi 3rd Street: Rs 3,300 per sq.ft (2024)
• Balvadi 4th Street: Rs 3,300 per sq.ft (2024)
• Balvadi 5th Street: Rs 3,300 per sq.ft (2024)
• Balvadi Main Road: Rs 3,300 per sq.ft (2024)
• Balavinayagar Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Balvadi 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, making the total cost for these fees Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and 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 Balvadi 1st Street?

The Sub Registrar Office that covers Balvadi 1st 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 further assistance.

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

When buying or selling property in Nerkundram, the guideline value plays a crucial role in determining the stamp duty and registration fees. These fees are calculated based on the guideline value or the sale price, whichever is higher.

The guideline value also serves as a benchmark for property transactions in the area, ensuring that the prices reflect the official valuations set by the Registration Department. This helps maintain transparency in the real estate market.

Frequently asked questions

What is the current guideline value of Balvadi 1st Street?

The current guideline value of Balvadi 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2002, the guideline value has increased from Rs 75 per sq.ft to Rs 3,300 per sq.ft in 2024, marking an overall increase of 4,300%.

What are the stamp duty and registration fees for property in Balvadi 1st Street?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000, and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which Sub Registrar Office is responsible for Balvadi 1st Street?

The Virugambakkam Sub Registrar Office is responsible for Balvadi 1st Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the range of guideline values in Nerkundram?

The guideline values in Nerkundram range from Rs 1,650 to Rs 6,600 per sq.ft, with a median value of Rs 2,200 per sq.ft.