Guideline Value for BALAJI NAGAR

Balaji Nagar guideline value

The current guideline value of Balaji Nagar, located in Karumbur village under the Chengleput Joint II SRO, is Rs 500 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class V Type - I.

How the guideline value of Balaji Nagar has changed

The guideline value for Balaji Nagar has seen several revisions over the years. In 2012, the value was set at Rs 500 per sq.ft, which remained unchanged until the 2017 revision, where it decreased to Rs 335 per sq.ft. This was a decline of 33%. The value then increased significantly to Rs 500 per sq.ft in the 2023 revision, maintaining this figure into the 2024 revision, showing no change from the previous year.

From 2017 to 2023, there was a notable increase of 49%, bringing the value back to Rs 500 per sq.ft. Overall, comparing the 2012 and 2024 revisions, the guideline value has remained constant, with no percentage change. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Karumbur

In Karumbur village, there are 10 streets under the Chengleput Joint II SRO that carry a 2024 guideline value ranging from Rs 350 to Rs 600 per sq.ft. The median value is Rs 501 per sq.ft, making Balaji Nagar's 2024 figure below that median.

• Balaji Nagar Phase-II: Rs 500 per sq.ft (2024)
• Balakirshnan Nagar: Rs 350 per sq.ft (2024)
• Alavattayamman Nagar: Rs 350 per sq.ft (2024)
• Goldan Royal: Rs 501 per sq.ft (2024)
• Jayamaruthi Puram: Rs 501 per sq.ft (2024)
• Sri Lakshmi Nagar: Rs 500 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 500 per sq.ft, the total guideline value would be Rs 5,00,000. The stamp duty at 7% would amount to Rs 35,000, and the registration fee at 2% would be Rs 10,000, bringing the total to Rs 45,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Balaji Nagar?

The Sub Registrar Office that covers Balaji Nagar is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Karumbur. It is used to determine the stamp duty and registration fees that need to be paid during the registration of property transactions. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

When a property is sold, the guideline value is compared with the sale price, and the higher value is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions based on the established guideline values.

Frequently asked questions

What is the current guideline value of Balaji Nagar?

The current guideline value of Balaji Nagar is Rs 500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 500 per sq.ft since 2012, with a decrease to Rs 335 per sq.ft in 2017, followed by an increase back to Rs 500 per sq.ft in 2023 and 2024.

What is the land classification for Balaji Nagar?

Balaji Nagar is classified as Residential Class V Type - I, indicating its suitability for residential purposes.

Where can I find the Chengleput Joint II SRO?

The Chengleput Joint II SRO is located at 10, Kancheepuram Main Road, Chengalpattu 603 002, Chengalpattu registration zone.

How is stamp duty calculated for properties in Balaji Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 5,00,000, the stamp duty would be Rs 35,000 at 7%.