Guideline Value for BALAJI NAGAR (SRI)

Balaji Nagar (Sri) guideline value

The current guideline value of Balaji Nagar (Sri) is Rs 1,700 per sq.ft, effective from 1 July 2024. This area is located in Okkiyamthuraipakkam village, under the Neelankarai SRO, and is classified as Residential Class III Type - I.

How the guideline value of Balaji Nagar (Sri) has changed

The guideline value for Balaji Nagar (Sri) has seen several revisions over the years. In 2003, the guideline value was Rs 151 per sq.ft, which increased significantly to Rs 800 per sq.ft in 2007. The value then rose to Rs 1,500 per sq.ft in 2012, before dropping to Rs 1,005 per sq.ft in 2017. The 2023 revision set the value at Rs 1,500 per sq.ft, and the most recent revision in 2024 has increased it to Rs 1,700 per sq.ft.

Between revisions, the guideline value has changed as follows: from 2003 to 2007, there was a remarkable increase of 430%. However, from 2012 to 2017, there was a decrease of 33%. The value increased by 49% from 2017 to 2023, and then by 13% from 2023 to 2024. Overall, from 2003 to 2024, the guideline value has increased by 1026%. The register has no figure for this street in 2002.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO, with the 2024 guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, making the 2024 figure for Balaji Nagar (Sri) below this median.

• Balamurugan Garden: Rs 6,600 per sq.ft (2024)
• BALAMURUGAN GARDEN 1st CROSS STREET: Rs 5,500 per sq.ft (2024)
• BALAMURUGAN GARDEN 1st MAIN ROAD: Rs 6,600 per sq.ft (2024)
• BALAMURUGAN GARDEN 2nd CROSS STREET: Rs 5,500 per sq.ft (2024)
• BALAMURUGAN GARDEN 2nd MAIN ROAD: Rs 6,100 per sq.ft (2024)
• BALAMURUGAN GARDEN 3rd CROSS STREET: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar (Sri)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value would be Rs 17,00,000. The stamp duty at 7% would amount to Rs 1,19,000, and the registration fee at 2% would be Rs 34,000. Together, these fees would total Rs 1,53,000. 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 Nagar (Sri)?

The Sub Registrar Office that covers Balaji Nagar (Sri) is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Okkiyamthuraipakkam, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as the registration fees and stamp duty are calculated based on the guideline value or the sale price, whichever is higher.

When registering a property, the guideline value ensures that the transaction is recorded at a fair value, which helps maintain transparency in the real estate market. Therefore, both buyers and sellers should be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value for Balaji Nagar (Sri)?

The current guideline value for Balaji Nagar (Sri) is Rs 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 151 per sq.ft in 2003 to Rs 1,700 per sq.ft in 2024, with various increases and decreases in between.

What is the land classification for Balaji Nagar (Sri)?

Balaji Nagar (Sri) is classified as Residential Class III Type - I.

What are the registration fees based on the guideline value?

Registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 17,00,000, the registration fee would be Rs 34,000 at 2%.

Where can I find the Sub Registrar Office for Balaji Nagar (Sri)?

The Sub Registrar Office for Balaji Nagar (Sri) is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.