Guideline Value for Balaji Colony 3rd Cross Street

Balaji Colony 3rd Cross Street guideline value

The current guideline value of Balaji Colony 3rd Cross Street 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 Colony 3rd Cross Street has changed

The guideline value for Balaji Colony 3rd Cross Street has seen several revisions over the years. Starting from Rs 179 per sq.ft in 2002, it increased to Rs 201 per sq.ft in 2003. Following this, the value surged significantly to Rs 1,500 per sq.ft in 2007, marking a 646% increase. The value then adjusted to Rs 3,500 per sq.ft in 2012, which was a decrease of 33% from the previous revision. In 2017, the guideline value rose again to Rs 2,345 per sq.ft, reflecting a 49% increase. The most recent revisions show the value at Rs 3,500 per sq.ft in 2023, followed by a rise to Rs 3,850 per sq.ft in 2024, a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 2051%. There are no figures available for the years between 2012 and 2017 for this street.

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. The median value for these streets is Rs 4,400 per sq.ft, placing Balaji Colony 3rd Cross Street's 2024 figure below the median.

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

Stamp duty and registration fee for property in Balaji Colony 3rd Cross Street

For a 1,000 sq.ft plot at the current rate of Rs 3,850 per sq.ft, the 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, bringing the total to Rs 3,46,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Balaji Colony 3rd Cross Street?

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

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

When buying or selling property in Velachery, the guideline value plays a crucial role during the registration process. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that the transaction is recorded accurately in the official register.

The guideline value is used to assess the minimum value of the property for registration purposes. This means that even if the sale price is lower than the guideline value, the stamp duty will be calculated based on the guideline value, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value for Balaji Colony 3rd Cross Street?

The current guideline value for Balaji Colony 3rd Cross 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 179 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 2051% over the years.

What is the stamp duty rate for properties in Balaji Colony 3rd Cross Street?

The stamp duty rate for properties in Balaji Colony 3rd Cross Street is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office located for Balaji Colony 3rd Cross Street?

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

How do I calculate the registration fee for a property in Balaji Colony 3rd Cross Street?

The registration fee for a property in Balaji Colony 3rd Cross Street is calculated at 2% of the guideline value. You can use the stamp duty and registration fee calculator for precise calculations.