Guideline Value for BALAJI NAGAR 4TH STREET

Balaji Nagar 4th Street guideline value

The current guideline value of Balaji Nagar 4th 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 4th Street has changed

Over the years, the guideline value of Balaji Nagar 4th Street has seen significant changes. The earliest recorded figure was Rs 1,227 per sq.ft in 2002, which increased to Rs 1,363 per sq.ft in 2003, marking an 11% rise. By 2007, the value surged to Rs 1,540 per sq.ft, a 13% increase. The next revision in 2012 saw a notable jump to Rs 10,500 per sq.ft, reflecting a remarkable 582% increase. However, in 2017, the value dropped to Rs 7,035 per sq.ft, a decrease of 33%. The most recent revision in 2024 has set the guideline value at Rs 11,500 per sq.ft, representing a 63% increase from 2017.

The register has no figure for the year 2023 for this street. Overall, from 2002 to 2024, the guideline value has increased by 837%.

Guideline values in Mylapore

In Mylapore, 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, with a median value of Rs 8,800 per sq.ft. Balaji Nagar 4th Street's 2024 guideline value is above this median.

• Balaji Nagar 3rd 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 4th Street

For a 1,000 sq.ft plot at the current rate of Rs 11,500 per sq.ft, the 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, totaling Rs 10,35,000. It is important to note that 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 4th Street?

The Sub Registrar Office that covers Balaji Nagar 4th 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 crucial factor during the registration of property transactions in Mylapore. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for legalizing the transaction. It is essential for buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Balaji Nagar 4th Street?

The current guideline value of Balaji Nagar 4th 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 this period.

What is the land classification for Balaji Nagar 4th Street?

Balaji Nagar 4th Street is classified as Residential Class II Type - III.

Where can I find the Sub Registrar Office for Balaji Nagar 4th Street?

The Sub Registrar Office covering Balaji Nagar 4th Street is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

How is stamp duty calculated for properties in Balaji Nagar 4th 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 Rs 8,05,000 at 7%.