Guideline Value for Balaji Avenue 1

Balaji Avenue 1 guideline value

The current guideline value of Balaji Avenue 1 is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village under the Tambaram Joint 1 SRO and is classified as Residential Class I Type - II.

How the guideline value of Balaji Avenue 1 has changed

The guideline value for Balaji Avenue 1 has seen several revisions over the years. In 2012, the guideline value was Rs 2,500 per sq.ft, which decreased to Rs 1,675 per sq.ft in 2017. However, from 2017 to 2023, the value increased significantly by 49% to reach Rs 2,500 per sq.ft. The most recent revision in 2024 has further increased the value to Rs 2,750 per sq.ft, marking a 10% rise from the previous year.

There are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, comparing the figures from 2012 to 2024, there has been a 10% increase in the guideline value.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value in this area is Rs 1,650 per sq.ft, and Balaji Avenue 1's 2024 figure is above this median.

• Balaji Avenue 2: Rs 2,750 per sq.ft (2024)
• Balaji Avenue 3: Rs 2,750 per sq.ft (2024)
• Balaji Avenue Extn: Rs 1,650 per sq.ft (2024)
• Balaji Avenue Ist Cross Street: Rs 1,650 per sq.ft (2024)
• Bakyalakshmi St: Rs 1,650 per sq.ft (2024)
• Bakyalakshmi Nagar: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Avenue 1

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 be 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 details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Balaji Avenue 1?

The Sub Registrar Office covering Balaji Avenue 1 is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Chitlapakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with the legal requirements during property transactions.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are necessary for the legal transfer of ownership. It is essential for both parties to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Balaji Avenue 1?

The current guideline value of Balaji Avenue 1 is Rs 2,750 per sq.ft, effective from 1 July 2024.

How much 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, then increased to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What are the stamp duty and registration fees for Balaji Avenue 1?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which Sub Registrar Office covers Balaji Avenue 1?

The Tambaram Joint 1 Sub Registrar Office covers Balaji Avenue 1, located at No.26, Mes Road, East Tambaram, Chennai-600059.

What is the land classification of Balaji Avenue 1?

Balaji Avenue 1 is classified as Residential Class I Type - II, indicating its suitability for residential development.