Guideline Value for BALAJI NAGAR 2ND STREET

Balaji Nagar 2nd Street guideline value

The current guideline value of Balaji Nagar 2nd Street is Rs 11,500 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village and falls under the Mylapore SRO, classified as Residential Class II Type - III.

How the guideline value of Balaji Nagar 2nd Street has changed

The guideline value for Balaji Nagar 2nd Street has seen significant changes over the years. In 2002, the guideline value was Rs 1,646 per sq.ft. This value increased to Rs 1,829 per sq.ft in 2003, marking an increase of 11%. The value continued to rise sharply to Rs 1,950 per sq.ft in 2007, which was a 7% increase. By 2012, the guideline value reached Rs 10,500 per sq.ft, reflecting a substantial increase of 438% from the previous revision. However, in 2017, it dropped to Rs 7,035 per sq.ft, a decrease of 33%.

In the latest revision for 2024, the guideline value has significantly increased to Rs 11,500 per sq.ft, which is a 63% rise from the 2017 figure. Overall, from 2002 to 2024, the guideline value has increased by 599%. It is important to note that there are no figures available for the 2023 revision for this street.

Guideline values in Mylapore

In Mylapore village, there are 883 streets under the Mylapore SRO that carry a 2024 guideline value 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 2nd Street's 2024 figure above this median.

• Balaji Nagar 3rd Street: Rs 11,500 per sq.ft (2024)
• Balaji Nagar 1st 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 2nd 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, totaling Rs 10,35,000. 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 more details.

Which Sub Registrar Office covers Balaji Nagar 2nd Street?

The Sub Registrar Office that covers Balaji Nagar 2nd 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 plays a crucial role in property transactions in Mylapore. When you buy or sell property, the guideline value is used to determine the stamp duty and registration fees that need to be paid. This ensures that the fees are calculated based on a standardized value set by the authorities.

During the registration process, the guideline value is compared with the sale price of the property. The higher of the two values is used to calculate the applicable stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Balaji Nagar 2nd Street?

The current guideline value of Balaji Nagar 2nd Street is Rs 11,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 1,646 per sq.ft in 2002 to Rs 11,500 per sq.ft in 2024, showing an overall increase of 599% over the years.

What is the land classification for Balaji Nagar 2nd Street?

Balaji Nagar 2nd Street is classified as Residential Class II Type - III under the Mylapore SRO.

What is the registration office for Balaji Nagar 2nd Street?

The registration office for Balaji Nagar 2nd Street is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

How is stamp duty calculated for properties in Balaji Nagar 2nd Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 1,15,00,000, the stamp duty would be calculated accordingly.