Guideline Value for Balvadi 3rd Street

Balvadi 3rd Street guideline value

The current guideline value of Balvadi 3rd 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 falls under the Residential Class I Type - II land classification.

How the guideline value of Balvadi 3rd Street has changed

The guideline value for Balvadi 3rd Street has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 75 per sq.ft. This increased to Rs 83 per sq.ft in 2003, marking an increase of 11%. The following revision in 2007 saw a significant rise to Rs 400 per sq.ft, which was a 382% increase. In 2012, the value was revised to Rs 3,000 per sq.ft, reflecting a substantial increase of 650% from the previous revision.

From 2012 to 2017, the value decreased to Rs 2,010 per sq.ft, a decline of 33%. The 2023 revision set the value at Rs 3,000 per sq.ft, which was a 49% increase from 2017. Finally, the current 2024 revision has set the guideline value at Rs 3,300 per sq.ft, marking a 10% increase from the previous year. There are no figures available for the years not mentioned in the register for this street.

Guideline values in Nerkundram

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

• Balvadi 2nd Street: Rs 3,300 per sq.ft (2024)
• Balvadi 4th Street: Rs 3,300 per sq.ft (2024)
• Balvadi 1st 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 3rd 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. Please note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Balvadi 3rd Street?

The Sub Registrar Office that covers Balvadi 3rd 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 is a crucial factor during property transactions in Nerkundram. It serves as a benchmark for determining the minimum value at which properties can be registered. When a property is bought or sold, the guideline value is used to calculate the applicable stamp duty and registration fees.

Buyers and sellers should be aware that the stamp duty is charged based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property being exchanged.

Frequently asked questions

What is the current guideline value of Balvadi 3rd Street?

The current guideline value of Balvadi 3rd 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 from Rs 75 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 4300% over the years.

What is the stamp duty rate for properties in Balvadi 3rd Street?

The stamp duty rate for properties in Balvadi 3rd Street is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Balvadi 3rd Street?

The Sub Registrar Office for Balvadi 3rd Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What are the guideline values of other streets in Nerkundram?

Other streets in Nerkundram have guideline values that range from Rs 1,650 to Rs 6,600 per sq.ft, with Balvadi 3rd Street's value being Rs 3,300 per sq.ft, which is above the median of Rs 2,200 per sq.ft.