Guideline Value for BALAJI AVENUE

Balaji Avenue guideline value

The current guideline value of Balaji Avenue in Ramapuram village, under the Chennai South Joint II SRO, is Rs 3,100 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Balaji Avenue has changed

The guideline value for Balaji Avenue has seen significant changes over the years. The earliest recorded value in 2002 was Rs 245 per sq.ft. This figure increased to Rs 304 per sq.ft in 2003, marking a 24% rise. The value continued to rise dramatically, reaching Rs 1,100 per sq.ft in 2007, which was a 262% increase from the previous year. By 2012, the value had increased to Rs 2,800 per sq.ft, reflecting a 155% growth.

From 2012 to 2017, the guideline value dropped to Rs 1,876 per sq.ft, a decrease of 33%. However, this trend reversed from 2017 to 2023, where the value rose to Rs 2,800 per sq.ft, representing a 49% increase. The most recent revision in 2024 saw the guideline value rise to Rs 3,100 per sq.ft, an 11% increase from the previous year.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO with a 2024 guideline value ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median value for these streets is Rs 3,100 per sq.ft, which is equal to the current guideline value of Balaji Avenue.

• Balabigai Nagar All Cross Streets: Rs 3,100 per sq.ft (2024)
• Bakyalakshmi Nagar: Rs 3,100 per sq.ft (2024)
• Bakthi Vedhanda First Avenue: Rs 2,750 per sq.ft (2024)
• Bakthi Vedhanda 3rd Avenue: Rs 2,750 per sq.ft (2024)
• Bakthi Vedhanda 2nd Avenue: Rs 2,750 per sq.ft (2024)
• Bajanai Koil Street Lane: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 3,100 per sq.ft, the total guideline value amounts to Rs 31,00,000. The stamp duty at 7% would be Rs 2,17,000, and the registration fee at 2% would be Rs 62,000, totaling Rs 2,79,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Balaji Avenue?

The Sub Registrar Office that covers Balaji Avenue is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for further assistance.

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

The guideline value is a crucial factor when registering property transactions in Ramapuram. It serves as a reference point for determining the minimum value at which a property can be sold or bought, ensuring that transactions are conducted at fair values.

When you register a property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions, based on the established guideline values.

Frequently asked questions

What is the current guideline value of Balaji Avenue?

The current guideline value of Balaji Avenue is Rs 3,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 245 per sq.ft in 2002 to Rs 3,100 per sq.ft in 2024, reflecting an overall increase of 1165% over the years.

What is the land classification of Balaji Avenue?

Balaji Avenue is classified as Residential Class II Type - I, indicating its suitability for residential development.

What are the stamp duty rates for property in Balaji Avenue?

The stamp duty for property in Balaji Avenue is 7% of the guideline value, while the registration fee is 2% of the guideline value.

Where can I find the Sub Registrar Office for Balaji Avenue?

The Sub Registrar Office for Balaji Avenue is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.