Guideline Value for BALAJI NAGAR EXTENSION (NEAR RAILWAY TRACK)

Balaji Nagar Extension (Near Railway Track) guideline value

The current guideline value for Balaji Nagar Extension (Near Railway Track) is Rs 2,700 per sq.ft, effective from 1 July 2024. This area is located in Korattur village and falls under the Villivakkam SRO. The land classification for this street is Residential Class I Type - III.

How the guideline value of Balaji Nagar Extension (Near Railway Track) has changed

The guideline value for Balaji Nagar Extension (Near Railway Track) has undergone several revisions over the years. In the 2007 revision, the guideline value was set at Rs 850 per sq.ft. This increased significantly to Rs 2,500 per sq.ft in the 2012 revision, marking a change of 194%. The most recent revision in 2024 set the guideline value at Rs 2,700 per sq.ft, reflecting an 8% increase from the 2012 figure.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 218%. It is important to note that there are no figures available for the years 2002, 2003, 2017, and 2023 for this street.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that have a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value for these streets is Rs 2,500 per sq.ft, making the current figure for Balaji Nagar Extension (Near Railway Track) above that median.

• Balaji Nagar Mullai Street: Rs 2,700 per sq.ft (2024)
• Balaji Nagar (Near Railway Track): Rs 2,700 per sq.ft (2024)
• Balaji Nagar Near Railway Track 1,2,3 Streets: Rs 2,700 per sq.ft (2024)
• Balan Nagar: Rs 1,600 per sq.ft (2024)
• Balavinayagar Nagar Extention: Rs 2,010 per sq.ft (2024)
• Balavingayar Koil Street: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar Extension (Near Railway Track)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty is charged at 7%, which totals Rs 1,89,000, and the registration fee at 2% amounts to Rs 54,000. Together, the total cost for stamp duty and registration fees would be Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Balaji Nagar Extension (Near Railway Track)?

The Sub Registrar Office that covers Balaji Nagar Extension (Near Railway Track) is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Korattur. It serves as a benchmark for determining the stamp duty and registration fees payable during the registration process. Buyers and sellers must consider this value to ensure compliance with the legal requirements for property transactions.

When a property is bought or sold, the guideline value is used to calculate the applicable fees based on the higher of the guideline value or the sale price. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Balaji Nagar Extension (Near Railway Track)?

The current guideline value of Balaji Nagar Extension (Near Railway Track) is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 850 per sq.ft in 2007 to Rs 2,500 per sq.ft in 2012, and then to Rs 2,700 per sq.ft in 2024. There are no figures available for the years 2002, 2003, 2017, and 2023 for this street.

What is the land classification for Balaji Nagar Extension (Near Railway Track)?

The land classification for Balaji Nagar Extension (Near Railway Track) is Residential Class I Type - III. This classification indicates the type of development allowed in the area.

What are the stamp duty and registration fees for property in this area?

For a property valued at Rs 27,00,000, the stamp duty is Rs 1,89,000 and the registration fee is Rs 54,000, totaling Rs 2,43,000. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Which office handles registrations for Balaji Nagar Extension (Near Railway Track)?

The Villivakkam Sub Registrar Office handles registrations for Balaji Nagar Extension (Near Railway Track). It is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.