Guideline Value for Balaji Nagar (Moolachatram Madura)

Balaji Nagar (Moolachatram Madura) guideline value

The current guideline value for Balaji Nagar (Moolachatram Madura) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area falls under Madhavaram village, governed by the Madhavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Balaji Nagar (Moolachatram Madura) has changed

The guideline value for Balaji Nagar (Moolachatram Madura) has undergone several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which then decreased to Rs 804 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 1,200 per sq.ft in 2023, and most recently to Rs 1,300 per sq.ft in the 2024 revision, marking an increase of 8% from the previous year. The register has no figures for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, there was a decrease of 33%, while from 2017 to 2023, the value rose by 49%. Overall, from 2012 to 2024, the guideline value has increased by 8%.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, placing Balaji Nagar (Moolachatram Madura) below the median value.

• Balaji Nagar Road (Moolachathiram) (Ward No.2): Rs 1,300 per sq.ft (2024)
• Balakrishna Nagar: Rs 1,300 per sq.ft (2024)
• Balakrishna Nagar, Ponniammanmedu (Ward-23): Rs 1,300 per sq.ft (2024)
• Balaji Nagar Cross st (Ward No.3): Rs 1,300 per sq.ft (2024)
• Balamurugan Nagar (Ward-01): Rs 1,300 per sq.ft (2024)
• Balaraman Street: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar (Moolachatram Madura)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, totaling Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Balaji Nagar (Moolachatram Madura)?

The Sub Registrar Office that covers Balaji Nagar (Moolachatram Madura) is located at Madhavaram Sub Registrar Office, No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When you buy or sell property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with property transactions. This ensures that all transactions are recorded at a fair and consistent value, as determined by the state authorities.

Frequently asked questions

What is the current guideline value for Balaji Nagar (Moolachatram Madura)?

The current guideline value for Balaji Nagar (Moolachatram Madura) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then increased to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What is the land classification for Balaji Nagar (Moolachatram Madura)?

Balaji Nagar (Moolachatram Madura) is classified as Residential Class III Type - I, indicating its suitability for residential purposes.

What are the stamp duty rates for property transactions in Balaji Nagar?

The stamp duty for property transactions in Balaji Nagar is charged at 7% of the guideline value or the sale price, whichever is higher. There is also a registration fee of 2% applicable.

Where is the Sub Registrar Office for Balaji Nagar located?

The Sub Registrar Office for Balaji Nagar (Moolachatram Madura) is located at Madhavaram Sub Registrar Office, No.7, Roja Nagar, Madhavaram, Chennai-600060.