Guideline Value for Balaji Avenue

Balaji Avenue guideline value

The current guideline value of Balaji Avenue is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - III.

How the guideline value of Balaji Avenue has changed

The guideline value for Balaji Avenue has undergone several revisions over the years. In 2012, the guideline value was set at Rs 3,500 per sq.ft. This figure remained unchanged until the 2017 revision, where it dropped to Rs 2,345 per sq.ft. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value to Rs 3,500 per sq.ft. The most recent revision in 2024 saw another increase of 10%, resulting in the current value of Rs 3,850 per sq.ft.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 for Balaji Avenue. Overall, the guideline value has increased by 10% from 2012 to 2024.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, indicating that Balaji Avenue's 2024 figure is below this median.

• Balaji Colony: Rs 3,850 per sq.ft (2024)
• Balaji Colony 1st Cross Street: Rs 3,850 per sq.ft (2024)
• Balaji Colony 1st Main Road: Rs 3,850 per sq.ft (2024)
• Balaji Colony 1st Street: Rs 3,850 per sq.ft (2024)
• Balaji Colony 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• Balaji Colony 2nd Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, totaling Rs 3,46,500. 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?

The Sub Registrar Office that covers Balaji Avenue is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Velachery. It is the benchmark used to calculate the stamp duty and registration fees when buying or selling property. Buyers must ensure that the sale price is not lower than the guideline value, as the higher figure will be used for calculating the applicable duties and fees.

When registering a property, the guideline value ensures that the transaction is transparent and that the government receives the appropriate revenue from property sales. It is essential for both buyers and sellers 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?

The current guideline value of Balaji Avenue is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2012 to Rs 2,345 per sq.ft in 2017, then increased to Rs 3,500 per sq.ft in 2023, and finally to Rs 3,850 per sq.ft in 2024.

What is the land classification of Balaji Avenue?

Balaji Avenue is classified as Residential Class II Type - III.

Where can I find the Velacheri Sub Registrar Office?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated on properties in Balaji Avenue?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 38,50,000, the stamp duty at 7% would be Rs 2,69,500.