Guideline Value for Balaji Avenue 2nd Cross Street

Balaji Avenue 2nd Cross Street guideline value

The current guideline value of Balaji Avenue 2nd Cross Street is Rs 1,600 per sq.ft. This street is located in Chembakkam village, under the Selaiyur SRO, and is classified as Residential Class II Type - I.

How the guideline value of Balaji Avenue 2nd Cross Street has changed

The guideline value for Balaji Avenue 2nd Cross Street has undergone several revisions over the years. The earliest recorded revision was in 2012, where the guideline value was Rs 1,500 per sq.ft. This value remained unchanged until the 2017 revision, which saw a decrease to Rs 1,005 per sq.ft. The next revision in 2023 increased the value to Rs 1,500 per sq.ft, and the latest revision in 2024 has set the value at Rs 1,600 per sq.ft, reflecting a 7% increase from the previous year.

From 2012 to 2017, the value decreased by 33%, but from 2017 to 2023, it increased significantly by 49%. Overall, from 2012 to 2024, the guideline value has seen a modest increase of 7%. It is important to note that there are no recorded figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Chembakkam

In Chembakkam, there are 472 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 850 to Rs 6,700 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, indicating that the guideline value for Balaji Avenue 2nd Cross Street is below the median.

• Balaji Avenue 1st Cross Street: Rs 1,600 per sq.ft (2024)
• Balaji Avenue 3rd Cross Street: Rs 1,600 per sq.ft (2024)
• Balaji Avenue 4th Cross Street: Rs 1,600 per sq.ft (2024)
• Balaji Avenue Ext: Rs 1,600 per sq.ft (2024)
• Balaji Avenue: Rs 1,600 per sq.ft (2024)
• Balaji Nagar: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Avenue 2nd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total cost for these fees to Rs 1,44,000. 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 Balaji Avenue 2nd Cross Street?

The Sub Registrar Office that covers Balaji Avenue 2nd Cross Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value is a crucial factor when buying or selling property in Chembakkam as it determines the minimum price at which a property can be registered. This value is used to calculate the stamp duty and registration fees that are payable at the time of registration.

Both buyers and sellers must be aware of the guideline value since it ensures transparency in property transactions. It helps prevent undervaluation of properties and ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Balaji Avenue 2nd Cross Street?

The current guideline value of Balaji Avenue 2nd Cross Street is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,600 per sq.ft in 2024, with various fluctuations in between, including a drop to Rs 1,005 per sq.ft in 2017 and an increase to Rs 1,500 per sq.ft in 2023.

What is the classification of Balaji Avenue 2nd Cross Street?

Balaji Avenue 2nd Cross Street is classified as Residential Class II Type - I, which indicates its purpose for residential development.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is stamp duty calculated on properties in Balaji Avenue 2nd Cross Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000 at a rate of 7%.