Guideline Value for BALAMBIGAI NAGAR 1ST & 2ND MAIN ROAD/CROSS STREET

Balambigai Nagar 1st & 2nd Main Road/Cross Street guideline value

The current guideline value of Balambigai Nagar 1st & 2nd Main Road/Cross Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is located in Ramapuram village and falls under the Chennai South Joint II SRO. The land classification for this street is Residential Class II Type - II.

How the guideline value of Balambigai Nagar 1st & 2nd Main Road/Cross Street has changed

Over the years, the guideline value for Balambigai Nagar 1st & 2nd Main Road/Cross Street has seen several revisions. The 2007 revision recorded a guideline value of Rs 1,100 per sq.ft, which increased to Rs 2,500 per sq.ft in 2012. However, there was a decrease to Rs 1,675 per sq.ft in the 2017 revision. Following this, the value rose significantly to Rs 2,500 per sq.ft in 2023, and most recently, it reached Rs 2,750 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

In summary, the changes between the revisions indicate a 127% increase from 2007 to 2012, a 33% decrease from 2012 to 2017, a 49% increase from 2017 to 2023, and a 10% increase from 2023 to 2024. Notably, the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 1,950 to Rs 6,600 per sq.ft, with a median of Rs 3,100 per sq.ft. The guideline value of Balambigai Nagar 1st & 2nd Main Road/Cross Street is below this median.

• Balambigai Nagar 1 to 5 Street: Rs 3,100 per sq.ft (2024)
• Balambigai Annex: Rs 3,100 per sq.ft (2024)
• BALAMBIGAI NAGAR & 3 and 4th STREET: Rs 3,100 per sq.ft (2024)
• Balambigai Nagar Main Road: Rs 3,100 per sq.ft (2024)
• Balakrishna Nagar: Rs 3,100 per sq.ft (2024)
• Balaji Avenue: Rs 3,100 per sq.ft (2024)

Stamp duty and registration fee for property in Balambigai Nagar 1st & 2nd Main Road/Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, totaling Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Balambigai Nagar 1st & 2nd Main Road/Cross Street?

The Sub Registrar Office that covers Balambigai Nagar 1st & 2nd Main Road/Cross Street is the Chennai South Joint II 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 for further assistance.

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

The guideline value is a crucial factor when registering property transactions in Ramapuram. It serves as a benchmark for calculating the stamp duty and registration fees that must be paid during the property transfer process.

When buying or selling property, the guideline value helps ensure that the transaction is recorded accurately and fairly. It is essential for both buyers and sellers to be aware of the current guideline value to understand the financial implications of their property transactions.

Frequently asked questions

What is the current guideline value of Balambigai Nagar 1st & 2nd Main Road/Cross Street?

The current guideline value of Balambigai Nagar 1st & 2nd Main Road/Cross Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,100 per sq.ft in 2007 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 150% over this period.

What is the land classification for Balambigai Nagar 1st & 2nd Main Road/Cross Street?

The land classification for Balambigai Nagar 1st & 2nd Main Road/Cross Street is Residential Class II Type - II.

Which Sub Registrar Office covers this area?

The Chennai South Joint II Sub Registrar Office covers Balambigai Nagar 1st & 2nd Main Road/Cross Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is stamp duty calculated for properties in this area?

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 27,50,000, the stamp duty would be Rs 1,92,500 at a rate of 7%.