Guideline Value for Balaji Colony 4th Cross Street

Balaji Colony 4th Cross Street guideline value

The current guideline value of Balaji Colony 4th 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 4th Cross Street has changed

The guideline value for Balaji Colony 4th Cross Street has seen significant changes over the years. In 2002, the guideline value was Rs 179 per sq.ft. It increased to Rs 201 per sq.ft in 2003, marking a 12% rise. Following this, the value surged dramatically to Rs 1,500 per sq.ft in 2007, reflecting a 646% increase. The value then rose to Rs 3,500 per sq.ft in 2012, indicating a 133% increase from the previous revision.

From 2012 to 2017, the guideline value fell to Rs 2,345 per sq.ft, showing a decrease of 33%. However, it rebounded to Rs 3,500 per sq.ft in 2023, and most recently, it has reached Rs 3,850 per sq.ft in the 2024 revision, which is a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 2,051%.

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 4th Cross Street is below this median.

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

Stamp duty and registration fee for property in Balaji Colony 4th Cross Street

For a 1,000 sq.ft plot at the current rate, the guideline value is 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 higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Balaji Colony 4th Cross Street?

The Sub Registrar Office that covers Balaji Colony 4th Cross 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

When buying or selling property in Velachery, the guideline value is a crucial factor used 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 registers.

The guideline value helps maintain transparency in property transactions, as it reflects the government's assessment of property values in the area. Buyers and sellers should be aware of the current guideline value to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Balaji Colony 4th Cross Street?

The current guideline value of Balaji Colony 4th 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 significantly from Rs 179 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 2,051% over the years.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Which office handles property registrations in Balaji Colony 4th Cross Street?

The Velacheri Sub Registrar Office handles property registrations for Balaji Colony 4th Cross Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Balaji Colony 4th Cross Street?

Balaji Colony 4th Cross Street is classified as Residential Class II Type - III, indicating its designation for residential use.