Guideline Value for BALAJI NAGAR 1ST STREET

Balaji Nagar 1st Street guideline value

The current guideline value of Balaji Nagar 1st Street is Rs 11,500 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class II Type - III.

How the guideline value of Balaji Nagar 1st Street has changed

The guideline value for Balaji Nagar 1st Street has seen significant changes over the years. In the 2007 revision, the value was set at Rs 1,950 per sq.ft. This increased dramatically to Rs 10,500 per sq.ft in both the 2012 and 2023 revisions, showing no change during that period. With the latest 2024 revision, the guideline value rose to Rs 11,500 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, there has been an increase of 490%. It is important to note that there are no figures available for the years 2002, 2003, and 2017 for this street.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO that have a guideline value for 2024, ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Balaji Nagar 1st Street's 2024 figure above that median.

• Balaji Nagar 2nd Street: Rs 11,500 per sq.ft (2024)
• Balaji Nagar 3rd Street: Rs 11,500 per sq.ft (2024)
• Balaji Nagar 4th Street: Rs 11,500 per sq.ft (2024)
• Balaiah Avenue: Rs 13,200 per sq.ft (2024)
• Bakthavachalam Salai (Warran Road): Rs 13,200 per sq.ft (2024)
• Balakrishna Road: Rs 14,300 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 11,500 per sq.ft, the total guideline value would be Rs 1,15,00,000. The stamp duty at 7% would amount to Rs 8,05,000, and the registration fee at 2% would be Rs 2,30,000. Together, the total cost for stamp duty and registration fee would be Rs 10,35,000. It is important to note that the 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 more detailed calculations.

Which Sub Registrar Office covers Balaji Nagar 1st Street?

The Sub Registrar Office that covers Balaji Nagar 1st Street is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value is a critical factor when registering property transactions in Mylapore. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction process.

When buying or selling property, the guideline value will be used to calculate the applicable fees. It is essential for buyers and sellers to be aware of this value to ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Balaji Nagar 1st Street?

The current guideline value of Balaji Nagar 1st Street is Rs 11,500 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since the 2007 revision, the guideline value has increased by 490% to the current value of Rs 11,500 per sq.ft in 2024. The value remained at Rs 10,500 per sq.ft from 2012 to 2023.

What is the land classification of Balaji Nagar 1st Street?

Balaji Nagar 1st Street is classified as Residential Class II Type - III under the Mylapore SRO.

What are the stamp duty and registration fees for property in Balaji Nagar 1st Street?

For a 1,000 sq.ft plot at the current rate, the total guideline value is Rs 1,15,00,000. The stamp duty would be Rs 8,05,000, and the registration fee would be Rs 2,30,000, totaling Rs 10,35,000.

Where can I find the Sub Registrar Office for Balaji Nagar 1st Street?

The Sub Registrar Office for Balaji Nagar 1st Street is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.