Guideline Value for Balaji Nagar 1st Street

Balaji Nagar 1st Street guideline value

The current guideline value of Balaji Nagar 1st Street is Rs 6,050 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village, under the Virugambakkam SRO, and is classified as Residential Class I Type - I.

How the guideline value of Balaji Nagar 1st Street has changed

Since the 2002 revision, the guideline value of Balaji Nagar 1st Street has seen significant changes. In 2002, the value was Rs 400 per sq.ft, which increased to Rs 443 per sq.ft in 2003, marking an 11% rise. The value continued to climb, reaching Rs 1,100 per sq.ft in 2007, representing a 148% increase. The 2012 revision saw the value rise to Rs 5,500 per sq.ft, a substantial 400% increase from the previous revision.

From 2012 to 2017, the guideline value decreased to Rs 3,685 per sq.ft, reflecting a 33% drop. However, from 2017 to 2023, it rebounded to Rs 5,500 per sq.ft, a 49% increase. The most recent revision in 2024 set the value at Rs 6,050 per sq.ft, a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 1,413%.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. Balaji Nagar 1st Street's 2024 guideline value of Rs 6,050 per sq.ft is above this median.

• Balaji Nagar 1st Cross Street: Rs 5,500 per sq.ft (2024)
• Balaji Nagar 2nd Cross Street: Rs 5,500 per sq.ft (2024)
• Balaji Nagar 2nd Street: Rs 5,500 per sq.ft (2024)
• Balaji Nagar 3rd Street: Rs 5,500 per sq.ft (2024)
• Balakrishnan Street: Rs 4,950 per sq.ft (2024)
• Balambal Nagar: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,050 per sq.ft, the total guideline value would be Rs 60,50,000. The stamp duty at 7% would amount to Rs 4,23,500, and the registration fee at 2% would be Rs 1,21,000, making the total cost Rs 5,44,500. It is important to note that 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 information.

Which Sub Registrar Office covers Balaji Nagar 1st Street?

The Sub Registrar Office that covers Balaji Nagar 1st Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in the registration process of property transactions in Virugambakkam. It serves as the minimum value for which properties can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling a property, the guideline value helps determine the applicable stamp duty and registration fees, which are calculated based on the higher of the guideline value or the actual sale price. This ensures transparency in property transactions and helps maintain a standard valuation across the region.

Frequently asked questions

What is the current guideline value of Balaji Nagar 1st Street?

The current guideline value of Balaji Nagar 1st Street is Rs 6,050 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 400 per sq.ft in 2002 to Rs 6,050 per sq.ft in 2024, representing an overall increase of 1,413%.

What are the stamp duty and registration fees for properties in Balaji Nagar 1st Street?

For a property valued at Rs 60,50,000, the stamp duty would be Rs 4,23,500, and the registration fee would be Rs 1,21,000, totaling Rs 5,44,500.

Which registration office covers Balaji Nagar 1st Street?

The Virugambakkam Sub Registrar Office covers Balaji Nagar 1st Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the median guideline value in Virugambakkam?

The median guideline value for streets in Virugambakkam is Rs 4,400 per sq.ft, while Balaji Nagar 1st Street's value is above this median at Rs 6,050 per sq.ft.