Guideline Value for BALAJI NAGAR

Balaji Nagar guideline value

The current guideline value of Balaji Nagar, located in Pallikaranai village, is Rs 1,650 per sq.ft as per the 2024 revision effective from 1 July 2024. This area falls under the Chennai South Joint I SRO and is classified as Residential Class IV Type - I.

How the guideline value of Balaji Nagar has changed

The guideline value of Balaji Nagar has undergone several revisions over the years. In 2002, the guideline value was Rs 84 per sq.ft, which increased to Rs 109 per sq.ft in 2003, marking a change of +30%. Following this, the value saw a significant rise to Rs 900 per sq.ft in 2007, reflecting an increase of +726%. The 2012 revision maintained the value at Rs 1,500 per sq.ft, and this figure remained unchanged until the 2023 revision, which also recorded Rs 1,500 per sq.ft. The most recent revision in 2024 raised the guideline value to Rs 1,650 per sq.ft, a change of +10% from the previous year.

In summary, the overall change from 2002 to 2024 reflects an increase of +1864%, showcasing the significant growth in the guideline value over the years. It is important to note that the register has no figure for this street for the year 2017.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO, with the 2024 guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median value is Rs 1,650 per sq.ft, which is equal to the current figure for Balaji Nagar.

• Balaji Nagar 1st Block 1st Main Road: Rs 1,650 per sq.ft (2024)
• Balaji Nagar 1 St Block 1st Street: Rs 1,650 per sq.ft (2024)
• Balaji Nagar 1st Block 2nd Main Road: Rs 1,650 per sq.ft (2024)
• Balaji Nagar 2nd Block 1st Street: Rs 1,650 per sq.ft (2024)
• Balaji Nagar 2nd Block 2nd Main Road: Rs 1,650 per sq.ft (2024)
• Balaji Nagar 2nd Block 2st Street: Rs 1,650 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 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, while the registration fee at 2% would be Rs 33,000. Together, the total cost for duty and registration would be Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our 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 Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO here.

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

The guideline value plays a crucial role in property transactions in Pallikaranai. It serves as the basis for calculating the stamp duty and registration fees when a property is bought or sold. Buyers and sellers must refer to the current guideline value to determine the applicable fees during the registration process.

Additionally, the guideline value ensures transparency in property transactions by providing a standardized value for properties in a specific area. This helps in preventing undervaluation or overvaluation during the registration of property sales.

Frequently asked questions

What is the current guideline value of Balaji Nagar?

The current guideline value of Balaji Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 84 per sq.ft in 2002 to Rs 1,650 per sq.ft in 2024, marking an overall change of +1864%.

What is the stamp duty rate for properties in Balaji Nagar?

The stamp duty rate for properties in Balaji Nagar is 7% of the guideline value or sale price, whichever is higher.

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

The Sub Registrar Office for Balaji Nagar is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

What is the land classification of Balaji Nagar?

Balaji Nagar is classified as Residential Class IV Type - I according to the land classification guidelines.