Guideline Value for Balvadi 2nd Street

Balvadi 2nd Street guideline value

The current guideline value of Balvadi 2nd 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 2nd Street has changed

The guideline value for Balvadi 2nd Street has undergone several revisions over the years. In 2002, the guideline value was Rs 75 per sq.ft, which increased to Rs 83 per sq.ft in 2003. Following that, there was a significant increase to Rs 400 per sq.ft in 2007. The value then rose dramatically to Rs 3,000 per sq.ft in 2012, before dropping to Rs 2,010 per sq.ft in 2017. The value saw a substantial increase to Rs 3,000 per sq.ft in 2023, and finally, it reached Rs 3,300 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

In terms of percentage changes, the guideline value increased by 11% from 2002 to 2003, by 382% from 2003 to 2007, by 650% from 2007 to 2012, but then decreased by 33% from 2012 to 2017. The value increased by 49% from 2017 to 2023, and overall, from 2002 to 2024, there has been a remarkable increase of 4300%. There are no figures available for revisions other than those listed above.

Guideline values in Nerkundram

Nerkundram village has a total of 476 streets under the Virugambakkam SRO, with guideline values ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median guideline value in this village is Rs 2,200 per sq.ft, placing Balvadi 2nd Street's 2024 figure above that median.

• Balvadi 1st 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 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Balvadi 2nd Street?

The Sub Registrar Office covering Balvadi 2nd 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 Nerkundram

The guideline value plays a crucial role in the registration process when buying or selling property in Nerkundram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is conducted at a fair value as per the government standards.

When registering a property, buyers and sellers must consider the guideline value, as it affects the stamp duty and registration fees payable. The fees are calculated based on the higher of the guideline value or the sale price, which means understanding the guideline value is essential for accurate financial planning in property transactions.

Frequently asked questions

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

The current guideline value of Balvadi 2nd Street is Rs 3,300 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 75 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, with various increases and one decrease over the years.

What is the registration fee for property in Balvadi 2nd Street?

The registration fee for property in Balvadi 2nd Street is calculated at 2% of the guideline value. For example, for a property valued at Rs 33,00,000, the registration fee would be Rs 66,000.

Where is the Sub Registrar Office for Balvadi 2nd Street located?

The Sub Registrar Office for Balvadi 2nd Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for property transactions?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. This means that understanding the guideline value is essential to determine the correct stamp duty amount.