Guideline Value for Balvadi 5th Street

Balvadi 5th Street guideline value

The current guideline value of Balvadi 5th Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village under the Virugambakkam SRO, classified as Residential Class I Type - II.

How the guideline value of Balvadi 5th Street has changed

The guideline value for Balvadi 5th Street has seen significant changes over the years. 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, marking an increase of 382%. The value then saw a dramatic jump to Rs 3,000 per sq.ft in 2012, representing a 650% increase. However, it decreased to Rs 2,010 per sq.ft in 2017, a decline of 33%. The guideline value then rose to Rs 3,000 per sq.ft in 2023, and most recently, it increased to Rs 3,300 per sq.ft in 2024, reflecting a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 4300%. 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 for 2024 ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, making the current value of Balvadi 5th Street above this median.

• Balvadi 4th Street: Rs 3,300 per sq.ft (2024)
• Balvadi Main Road: Rs 3,300 per sq.ft (2024)
• Balvadi 3rd Street: Rs 3,300 per sq.ft (2024)
• Balvadi 2nd Street: Rs 3,300 per sq.ft (2024)
• Balvadi 1st Street: 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 5th 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. Together, the total cost for these fees would be Rs 2,97,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Balvadi 5th Street?

The Sub Registrar Office that covers Balvadi 5th 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 critical factor during the registration of property transactions in Nerkundram. It serves as a benchmark for determining the minimum value on which stamp duty and registration fees are calculated. Buyers and sellers must be aware of this value to ensure compliance with local regulations.

When buying or selling property, it is essential to understand that the guideline value impacts the overall cost of the transaction. The higher the guideline value, the more significant the stamp duty and registration fees will be, which can influence the final amount payable during the registration process.

Frequently asked questions

What is the current guideline value of Balvadi 5th Street?

The current guideline value of Balvadi 5th 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, reflecting a total increase of 4300% over this period.

What is the registration office for Balvadi 5th Street?

The registration office for Balvadi 5th Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties in Balvadi 5th Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at a rate of 7%.

What are the guideline values for other streets in Nerkundram?

Other streets in Nerkundram have varying guideline values, with Balvadi 4th Street, Balvadi Main Road, Balvadi 3rd Street, Balvadi 2nd Street, and Balvadi 1st Street all having a guideline value of Rs 3,300 per sq.ft in 2024. Balavinayagar Nagar has a guideline value of Rs 2,200 per sq.ft.