Guideline Value for Balaji Avenue

Balaji Avenue guideline value

The current guideline value of Balaji Avenue, located in Maduravoyal village under the Virugambakkam SRO, is Rs 2,750 per sq.ft, effective from 1 July 2024. This area falls under Residential Class IV Type - I land classification.

How the guideline value of Balaji Avenue has changed

The guideline value for Balaji Avenue has seen several revisions over the years. In 2002, the value was Rs 329 per sq.ft. This increased to Rs 360 per sq.ft in 2003, marking a 9% rise. The value then rose to Rs 500 per sq.ft in 2007, which was a significant increase of 39%. Following this, in 2012, the value reached Rs 2,500 per sq.ft, reflecting a 400% increase from the previous revision. However, it dropped to Rs 1,675 per sq.ft in 2017, a decrease of 33%. The value then increased to Rs 2,500 per sq.ft in 2023, followed by a further increase to Rs 2,750 per sq.ft in 2024, which is a 10% rise.

Overall, from 2002 to 2024, the guideline value has increased by 736%. There are no figures available for the revisions in the years not listed for this street.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 6,050 per sq.ft, with a median value of Rs 3,050 per sq.ft. Balaji Avenue's current figure is below this median.

• Bakyalakshmi Nagar Main Road: Rs 3,600 per sq.ft (2024)
• Bakyalakshmi Nagar 6 th Street: Rs 3,600 per sq.ft (2024)
• Bakyalakshmi Nagar 3rd Street: Rs 3,600 per sq.ft (2024)
• Bakyalakshmi Nagar 2nd Street: Rs 3,600 per sq.ft (2024)
• Bakyalakshmi Nagar 1st Street: Rs 3,600 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 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty, charged at 7%, would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000. Together, the total cost for these fees would be Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, 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 Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Maduravoyal. It serves as a benchmark for determining the stamp duty and registration fees that must be paid at the time of registration.

When a property is registered, the guideline value is assessed to ensure that the transaction is recorded accurately. This value helps in maintaining transparency in property transactions and ensures that the appropriate fees are collected.

Frequently asked questions

What is the current guideline value of Balaji Avenue?

The current guideline value of Balaji Avenue 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 significantly, increasing from Rs 329 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, which is an overall increase of 736%.

What is the land classification of Balaji Avenue?

Balaji Avenue falls under Residential Class IV Type - I land classification.

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

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 2,47,500.

Where is the Sub Registrar Office for Balaji Avenue located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.