Guideline Value for Balaji Nagar 3rd Street

Balaji Nagar 3rd Street guideline value

The current guideline value of Balaji Nagar 3rd Street is Rs 5,500 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 II Type - I.

How the guideline value of Balaji Nagar 3rd Street has changed

The guideline value for Balaji Nagar 3rd Street has undergone several revisions over the years. In 2002, the value was Rs 400 per sq.ft, which increased to Rs 443 per sq.ft in 2003. Following that, the value saw a significant rise to Rs 1,100 per sq.ft in 2007, and then to Rs 5,000 per sq.ft in 2012. However, it dropped to Rs 3,350 per sq.ft in 2017. The value then increased to Rs 5,000 per sq.ft in 2023, and finally to the current rate of Rs 5,500 per sq.ft in 2024.

Between the revisions, notable changes include a 10% increase from 2023 to 2024, a 49% rise from 2017 to 2023, and a 33% decrease from 2012 to 2017. The value saw a remarkable increase of 355% from 2007 to 2012, and a 148% rise from 2003 to 2007. Overall, from 2002 to 2024, the guideline value has increased by 1275%.

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 3rd Street's 2024 guideline value is above this median.

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

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

Which Sub Registrar Office covers Balaji Nagar 3rd Street?

The Sub Registrar Office that covers Balaji Nagar 3rd 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 crucial when buying or selling property in Virugambakkam, as it determines the minimum value for registration purposes. Buyers and sellers must consider the guideline value to ensure compliance with local regulations during the registration process.

When a property is registered, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Balaji Nagar 3rd Street?

The current guideline value of Balaji Nagar 3rd 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 significantly from Rs 400 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, with various increases and decreases in between.

What is the land classification of Balaji Nagar 3rd Street?

Balaji Nagar 3rd Street is classified as Residential Class II Type - I, indicating its suitability for residential purposes.

What are the registration fees for property in Balaji Nagar 3rd Street?

The registration fees include a stamp duty of 7% and a registration fee of 2%, calculated based on the guideline value or the sale price, whichever is higher.

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

The Sub Registrar Office for Balaji Nagar 3rd Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.