Guideline Value for Balaji Colony 2nd Street

Balaji Colony 2nd Street guideline value

The current guideline value of Balaji Colony 2nd Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village under the Velacheri SRO, classified as Residential Class II Type - III.

How the guideline value of Balaji Colony 2nd Street has changed

Over the years, the guideline value of Balaji Colony 2nd Street has experienced several revisions. The 2007 revision set the value at Rs 1,500 per sq.ft, which increased significantly to Rs 3,500 per sq.ft in 2012, marking a 133% rise. However, it saw a decrease of 33% to Rs 2,345 per sq.ft in 2017. The value then rose sharply by 49% to Rs 3,500 per sq.ft in 2023, before reaching the current value of Rs 3,850 per sq.ft in 2024, reflecting a 10% increase.

It is important to note that there are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 157%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. The guideline value of Balaji Colony 2nd Street is below this median.

• Balaji Colony 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• Balaji Colony 3rd Cross Street: Rs 3,850 per sq.ft (2024)
• Balaji Colony 1st Street: Rs 3,850 per sq.ft (2024)
• Balaji Colony 3rd Street: Rs 3,850 per sq.ft (2024)
• Balaji Colony 1st Main Road: Rs 3,850 per sq.ft (2024)
• Balaji Colony 4th Cross Street: Rs 3,850 per sq.ft (2024)

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

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

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Balaji Colony 2nd Street?

The Sub Registrar Office that covers Balaji Colony 2nd Street 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 is a crucial factor when registering property transactions in Velachery. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the value of the property in question. It is essential for buyers to be aware of this value to avoid overpaying and for sellers to price their properties competitively.

Frequently asked questions

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

The current guideline value of Balaji Colony 2nd Street 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 1,500 per sq.ft in 2007 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 157% over the years.

What is the stamp duty rate for properties in Balaji Colony 2nd Street?

The stamp duty rate for properties in Balaji Colony 2nd Street is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Balaji Colony 2nd Street?

The Sub Registrar Office for Balaji Colony 2nd Street is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Balaji Colony 2nd Street?

Balaji Colony 2nd Street is classified as Residential Class II Type - III under the Velacheri SRO.