Guideline Value for N.M.BALAKRISHNAN STREET

N.M.Balakrishnan Street guideline value

The current guideline value of N.M.Balakrishnan Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in the village of Sholinganallur - 1 and falls under the Neelankarai SRO. The land classification for this area is Residential Class II Type - III.

How the guideline value of N.M.Balakrishnan Street has changed

The guideline value for N.M.Balakrishnan Street has undergone several revisions over the years. In the 2017 revision, the value was set at Rs 1,340 per sq.ft. This figure increased significantly to Rs 2,000 per sq.ft in the 2023 revision, marking a 49% increase. The most recent revision in 2024 saw the guideline value rise to Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that the register has no figures for N.M.Balakrishnan Street for the years 2002, 2003, 2007, and 2012.

Guideline values in Sholinganallur - 1

In the village of Sholinganallur - 1, there are 754 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median guideline value for this area is Rs 2,200 per sq.ft, which is equal to the current figure for N.M.Balakrishnan Street.

• N.K.Commerical Corpration: Rs 1,700 per sq.ft (2024)
• New Street: Rs 2,200 per sq.ft (2024)
• New Kumaran Nagar (Near Canal): Rs 3,300 per sq.ft (2024)
• New Kumaran Nagar Main Road (Near Canal): Rs 3,300 per sq.ft (2024)
• NEW KUMARAN NAGAR 9th CROSS STREET: Rs 3,300 per sq.ft (2024)
• NEW KUMARAN NAGAR 8th CROSS STREET: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in N.M.Balakrishnan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000. Together, the total cost for these fees would be Rs 1,98,000. It is important to note that 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 precise calculations.

Which Sub Registrar Office covers N.M.Balakrishnan Street?

The Sub Registrar Office that covers N.M.Balakrishnan Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. To find more details, you can find your SRO.

How the guideline value is used when you buy or sell in Sholinganallur - 1

The guideline value plays a crucial role during the registration process of property transactions in Sholinganallur - 1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the state receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these fees are calculated based on the higher of the guideline value or the actual sale price, which may affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of N.M.Balakrishnan Street?

The current guideline value of N.M.Balakrishnan Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since the 2017 revision, the guideline value has increased from Rs 1,340 per sq.ft to Rs 2,200 per sq.ft in 2024, which is a total increase of 64% over the years.

What is the stamp duty rate for property transactions?

The stamp duty rate for property transactions in this area is 7% of the guideline value or the sale price, whichever is higher.

Where is the Neelankarai Sub Registrar Office located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How can I calculate the registration fees?

You can calculate the registration fees using the stamp duty and registration fee calculator, which will help you determine the total fees based on the guideline value or sale price.