Guideline Value for V.M. Balakrishnan Street

V.M. Balakrishnan Street guideline value

The current guideline value of V.M. Balakrishnan Street is Rs 4,900 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village, under the Ashok Nagar SRO, and is classified as Residential Class III Type - II.

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

The guideline value for V.M. Balakrishnan Street has seen several revisions over the years. In the 2007 revision, the value was set at Rs 1,210 per sq.ft. This figure increased significantly to Rs 4,500 per sq.ft in both the 2012 and 2023 revisions, showing no change during that period. However, the latest 2024 revision marks an increase to Rs 4,900 per sq.ft, reflecting a 9% rise from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 305%. The register does not have figures for the years 2002, 2003, and 2017 for this street.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO, with 2024 guideline values ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value is Rs 4,900 per sq.ft, which is the same as the current value for V.M. Balakrishnan Street.

• V.N. Janaki Street: Rs 3,300 per sq.ft (2024)
• V.K. Krishnan Street: Rs 3,300 per sq.ft (2024)
• V.O.C. 1st Cross Street (1st Street): Rs 6,600 per sq.ft (2024)
• V.O.C. 1st Main Road: Rs 7,600 per sq.ft (2024)
• V.O.C. 2nd Cross Street (2nd Street): Rs 6,600 per sq.ft (2024)
• V.O.C. 2nd Main Road: Rs 7,600 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 4,900 per sq.ft, the total guideline value would be Rs 49,00,000. The stamp duty at 7% would amount to Rs 3,43,000, and the registration fee at 2% would be Rs 98,000, leading to a total of Rs 4,41,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

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

The Sub Registrar Office that covers V.M. Balakrishnan Street is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Kodambakkam, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for any property transfer.

It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with legal requirements during the registration process. This value serves as a benchmark for assessing the financial obligations associated with property transactions in the area.

Frequently asked questions

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

The current guideline value of V.M. Balakrishnan Street is Rs 4,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,210 per sq.ft in 2007 to Rs 4,900 per sq.ft in 2024, marking an overall increase of 305% over the years.

What is the stamp duty for property in V.M. Balakrishnan Street?

The stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For a property valued at Rs 49,00,000, the stamp duty would be Rs 3,43,000.

Which Sub Registrar Office covers this street?

The Ashok Nagar Sub Registrar Office covers V.M. Balakrishnan Street, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the land classification of V.M. Balakrishnan Street?

V.M. Balakrishnan Street is classified as Residential Class III Type - II, indicating its suitability for residential development.