Guideline Value for BALAJI NAGAR 3RD STREET

Balaji Nagar 3rd Street guideline value

The current guideline value of Balaji Nagar 3rd Street is Rs 1,320 per sq.ft, effective from 1 July 2024. This street is located in Kolathuvancheri village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Balaji Nagar 3rd Street has changed

The guideline value for Balaji Nagar 3rd Street has undergone several revisions over the years. In 2007, the guideline value was Rs 500 per sq.ft, which increased significantly to Rs 1,200 per sq.ft in 2012. However, there was a decrease to Rs 804 per sq.ft in 2017. The value then rose to Rs 1,200 per sq.ft in 2023, and currently, it stands at Rs 1,320 per sq.ft as of the 2024 revision. The register has no figure for this street in 2002 and 2003.

From 2017 to 2023, there was a notable increase of 49%, followed by a 10% rise from 2023 to 2024. The overall change from 2007 to 2024 reflects a substantial increase of 164%. The fluctuations in the guideline value highlight the evolving nature of property assessments in the area.

Guideline values in Kolathuvancheri

In Kolathuvancheri, there are 146 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 660 to Rs 4,600 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, placing Balaji Nagar 3rd Street's 2024 figure below this median.

• Balaji Nagar 2nd Street: Rs 1,320 per sq.ft (2024)
• Balaji Nagar Cross Street: Rs 1,320 per sq.ft (2024)
• Balaji Nagar 1st Street: Rs 1,320 per sq.ft (2024)
• Balaji Nagar /Extn: Rs 1,650 per sq.ft (2024)
• Balaji Nagar Main Road: Rs 1,320 per sq.ft (2024)
• Bala Murugan Nagar: Rs 3,410 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar 3rd Street

For a 1,000 sq.ft plot at the current guideline value, the total guideline value is Rs 13,20,000. The stamp duty at 7% amounts to Rs 92,400, while the registration fee at 2% is Rs 26,400, making the total charges Rs 1,18,800. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Balaji Nagar 3rd Street?

The Sub Registrar Office that covers Balaji Nagar 3rd Street is the Chennai South Joint I 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 more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kolathuvancheri. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is in accordance with government regulations.

When a property is sold, the guideline value is compared against the sale price, and the higher of the two 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 3rd Street?

The current guideline value of Balaji Nagar 3rd Street is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2007 to Rs 1,320 per sq.ft in 2024, reflecting an overall increase of 164% over the years.

What are the stamp duty rates for property in Balaji Nagar 3rd Street?

The stamp duty rate for property in Balaji Nagar 3rd Street is 7% of the guideline value or sale price, whichever is higher.

Which office handles the registration for Balaji Nagar 3rd Street?

The Chennai South Joint I Sub Registrar Office handles the registration for Balaji Nagar 3rd Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

What is the median guideline value in Kolathuvancheri?

The median guideline value in Kolathuvancheri is Rs 1,650 per sq.ft, which is higher than the current guideline value of Balaji Nagar 3rd Street.