Guideline Value for BALAVINAYAGAR NAGAR

Balavinayagar Nagar guideline value

The current guideline value of Balavinayagar Nagar is Rs 6,000 per sq.ft. This area is located in Arumbakkam village, under the Kodambakkam SRO, and is classified as Residential Special Type - II.

How the guideline value of Balavinayagar Nagar has changed

The guideline value for Balavinayagar Nagar has seen several revisions over the years. In 2003, the value was Rs 800 per sq.ft, which increased significantly to Rs 1,350 per sq.ft in 2007. This was followed by a substantial rise to Rs 5,500 per sq.ft in 2012, but then it dropped to Rs 3,685 per sq.ft in 2017. The 2023 revision brought the value back up to Rs 5,500 per sq.ft, and the latest revision in 2024 has set the guideline value at Rs 6,000 per sq.ft, reflecting a 9% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 650%. The register has no figure for Balavinayagar Nagar for the year 2002.

Guideline values in Arumbakkam

In Arumbakkam, there are 391 streets under the Kodambakkam SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 16,500 per sq.ft. The median value for these streets is Rs 6,000 per sq.ft, which is equal to the current guideline value for Balavinayagar Nagar.

• Balavinayagar Nagar Extn.,: Rs 6,000 per sq.ft (2024)
• Balavinayagar Street: Rs 6,000 per sq.ft (2024)
• Balavinayagar 4th Street: Rs 6,000 per sq.ft (2024)
• Balavinayagar 3rd Street: Rs 6,000 per sq.ft (2024)
• Balavinayagar 2nd Street: Rs 6,000 per sq.ft (2024)
• Balavinayagar 1st Street: Rs 6,000 per sq.ft (2024)

Stamp duty and registration fee for property in Balavinayagar Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total guideline value amounts to Rs 60,00,000. The stamp duty at 7% would be Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, bringing the total charges to Rs 5,40,000. It is important to note that 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 Balavinayagar Nagar?

The Sub Registrar Office that covers Balavinayagar Nagar is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. For more information, you can find your SRO.

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

The guideline value is a crucial factor when buying or selling property in Arumbakkam. It is used to determine the stamp duty and registration fees applicable during the transaction. Buyers must ensure that they are aware of the current guideline value to calculate the fees accurately.

When a property is registered, the guideline value serves as a benchmark for the transaction value. This means that the stamp duty is charged based on the higher of the guideline value or the sale price, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Balavinayagar Nagar?

The current guideline value of Balavinayagar Nagar is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 800 per sq.ft in 2003 to Rs 6,000 per sq.ft in 2024. Notably, there was a significant increase of 307% from 2007 to 2012, followed by a decrease of 33% until 2017.

What is the land classification of Balavinayagar Nagar?

Balavinayagar Nagar is classified as Residential Special Type - II, indicating its suitability for residential purposes.

What are the stamp duty and registration fees based on the guideline value?

Stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. These fees are calculated based on the higher of the guideline value or the sale price of the property.

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

The Kodambakkam Sub Registrar Office covers Balavinayagar Nagar, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.