Guideline Value for Balaji Nagar 2nd Street

Balaji Nagar 2nd Street guideline value

The current guideline value of Balaji Nagar 2nd Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village, under the jurisdiction of the Virugambakkam SRO, and is classified as Residential Class II Type - I.

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

The guideline value for Balaji Nagar 2nd Street has undergone several revisions over the years. Starting from Rs 400 per sq.ft in 2002, it increased to Rs 443 per sq.ft in 2003, marking an 11% rise. The value then saw a significant jump to Rs 1,100 per sq.ft in 2007, which was a 148% increase. Following this, the value surged to Rs 5,000 per sq.ft in 2012, reflecting a remarkable 355% increase. However, it decreased to Rs 3,350 per sq.ft in 2017, representing a 33% decline. The guideline value then rose to Rs 5,000 per sq.ft in 2023, and most recently, it has increased to Rs 5,500 per sq.ft in 2024, a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 1275%. There are no figures available for revisions in years other than those mentioned.

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. The median guideline value in this area is Rs 4,400 per sq.ft, placing Balaji Nagar 2nd Street's 2024 figure above that median.

• Balaji Nagar 2nd Cross Street: Rs 5,500 per sq.ft (2024)
• Balaji Nagar 3rd Street: Rs 5,500 per sq.ft (2024)
• Balaji Nagar 1st Street: Rs 6,050 per sq.ft (2024)
• Balaji Nagar 1st Cross 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 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, while the registration fee at 2% would be Rs 1,10,000. Therefore, the total cost for stamp duty and registration fees would be Rs 4,95,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Balaji Nagar 2nd Street?

The Sub Registrar Office that covers Balaji Nagar 2nd 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 more information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Virugambakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the transaction is recorded accurately in the official records.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher, which is essential for budgeting the total cost of the transaction.

Frequently asked questions

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

The current guideline value of Balaji Nagar 2nd Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 400 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 1275% over this period.

What are the stamp duty and registration fees for properties in Balaji Nagar 2nd Street?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees would be Rs 4,95,000, calculated based on the guideline value of Rs 55,00,000.

Which Sub Registrar Office is responsible for Balaji Nagar 2nd Street?

The Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037, is responsible for Balaji Nagar 2nd Street.

What are the guideline values of other streets in Virugambakkam?

Other streets in Virugambakkam have varying guideline values, with rates ranging from Rs 2,750 to Rs 13,200 per sq.ft. Balaji Nagar 2nd Street's value is above the median of Rs 4,400 per sq.ft in the area.