Guideline Value for BALAJI NAGAR 3RD STREET

Balaji Nagar 3rd Street guideline value

The current guideline value of Balaji Nagar 3rd 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. The land classification for this area is Residential Class II Type - III.

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. Starting from the 2002 revision, the value was Rs 1,227 per sq.ft. This increased to Rs 1,363 per sq.ft in 2003, marking an 11% rise. The value saw a further increase of 13% to reach Rs 1,540 per sq.ft in 2007. The 2012 revision set the value at Rs 10,500 per sq.ft, reflecting a significant increase of 582% from the previous figure. However, the next revision in 2017 brought the value down to Rs 7,035 per sq.ft, a decrease of 33%.

As of the latest revision in 2024, the guideline value stands at Rs 11,500 per sq.ft, which is a 63% increase from the 2017 figure. It is important to note that there is no figure for this street in the 2023 revision.

Guideline values in Mylapore

In Mylapore village, there are 883 streets under the Mylapore SRO, with guideline values 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 3rd Street's 2024 figure above this median.

• Balaji Nagar 4th Street: Rs 11,500 per sq.ft (2024)
• Balaji Nagar 2nd Street: Rs 11,500 per sq.ft (2024)
• Balaji Nagar 1st Street: Rs 11,500 per sq.ft (2024)
• Balaiah Avenue: Rs 13,200 per sq.ft (2024)
• Balakrishna Road: Rs 14,300 per sq.ft (2024)
• Bakthavachalam Salai (Warran Road): Rs 13,200 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 of Rs 11,500 per sq.ft, the total guideline value amounts to Rs 1,15,00,000. The stamp duty at 7% would be Rs 8,05,000, and the registration fee at 2% would be Rs 2,30,000, making the total charges Rs 10,35,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Balaji Nagar 3rd Street?

The Sub Registrar Office that covers Balaji Nagar 3rd 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 further assistance.

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

The guideline value plays a crucial role when buying or selling property in Mylapore. It is used to determine the stamp duty and registration fees applicable to the transaction. The buyer must consider the guideline value to ensure compliance with the registration requirements.

When a property is registered, the guideline value is compared to the sale price. The higher of the two is taken into account for calculating the stamp duty and registration fees. This ensures that the transaction is appropriately valued based on the current market conditions.

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 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 1,227 per sq.ft in 2002 to Rs 11,500 per sq.ft in 2024, reflecting an overall increase of 837% over the years.

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

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

Where is the Sub Registrar Office for Balaji Nagar 3rd Street located?

The Sub Registrar Office for Balaji Nagar 3rd Street is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What is the land classification for Balaji Nagar 3rd Street?

The land classification for Balaji Nagar 3rd Street is Residential Class II Type - III.