Guideline Value for BALAJI NAGAR MULLAI STREET

Balaji Nagar Mullai Street guideline value

The current guideline value of Balaji Nagar Mullai Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Korattur village, under the Villivakkam Sub Registrar Office (SRO). The land classification for this area is Residential Class I Type - III.

How the guideline value of Balaji Nagar Mullai Street has changed

The guideline value for Balaji Nagar Mullai Street has undergone several revisions over the years. In 2012, the guideline value was set at Rs 2,500 per sq.ft. This figure decreased to Rs 1,675 per sq.ft during the 2017 revision. However, the most recent revision in 2024 saw a significant increase to Rs 2,700 per sq.ft, marking a 61% rise from the 2017 figure. Overall, from 2012 to 2024, there has been an 8% increase in the guideline value.

It is important to note that the register does not have figures for the years 2002, 2003, 2007, and 2023 for Balaji Nagar Mullai Street. Therefore, the only revisions available are from 2012, 2017, and 2024.

Guideline values in Korattur

In Korattur, there are a total of 617 streets under the Villivakkam SRO that have a guideline value for 2024, 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 2024 figure for Balaji Nagar Mullai Street above the median.

• 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)
• Balaji Nagar Extension (Near Railway Track): 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 Mullai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, while the registration fee at 2% would be Rs 54,000. Together, these fees would total Rs 2,43,000. 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 information.

Which Sub Registrar Office covers Balaji Nagar Mullai Street?

The Sub Registrar Office that covers Balaji Nagar Mullai Street is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. To find your SRO, you can visit find your SRO.

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 calculating stamp duty and registration fees, which are mandatory during the registration process. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is bought or sold, the guideline value helps determine the official value of the property for taxation purposes. This value is essential for both the buyer and the seller, as it influences the overall costs associated with the transaction.

Frequently asked questions

What is the current guideline value of Balaji Nagar Mullai Street?

The current guideline value of Balaji Nagar Mullai Street 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 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, and then increased to Rs 2,700 per sq.ft in 2024. This represents a 61% increase from 2017 to 2024 and an overall 8% increase from 2012 to 2024.

What is the range of guideline values for other streets in Korattur?

The guideline values for other streets in Korattur range from Rs 1,100 to Rs 8,200 per sq.ft, with a median value of Rs 2,500 per sq.ft for 2024.

What are the stamp duty and registration fees for properties in Balaji Nagar Mullai Street?

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

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

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037. This office oversees the registration of properties in Balaji Nagar Mullai Street.