Guideline Value for Balaji Nagar 1st Cross Street

Balaji Nagar 1st Cross Street guideline value

The current guideline value of Balaji Nagar 1st Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village, under the Selaiyur SRO, classified as Residential Special Type - I.

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

The guideline value for Balaji Nagar 1st Cross Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 2,000 per sq.ft, and the current 2024 revision has raised it further to Rs 2,200 per sq.ft, marking a 10% increase from the previous year.

From 2012 to 2017, there was a significant decrease of 33%, but from 2017 to 2023, the value rose by 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO that have a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value in the village is Rs 2,400 per sq.ft, placing Balaji Nagar 1st Cross Street's value below this median.

• Balaji Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Balaji Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Balaji Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Balaji Nagar 3rd Cross Street: Rs 2,200 per sq.ft (2024)
• Balaji Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Balaji Nagar 4th Cross Street: Rs 2,200 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total amount to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Balaji Nagar 1st Cross Street?

The Sub Registrar Office that covers Balaji Nagar 1st Cross Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (Opp to Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process for property transactions in Madambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the fair value of the property. It is essential for buyers and sellers to be aware of this value to ensure compliance with legal requirements during the registration process.

Frequently asked questions

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

The current guideline value of Balaji Nagar 1st Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification of Balaji Nagar 1st Cross Street?

Balaji Nagar 1st Cross Street is classified as Residential Special Type - I.

What is the median guideline value in Madambakkam?

The median guideline value in Madambakkam is Rs 2,400 per sq.ft, which is higher than the current guideline value of Balaji Nagar 1st Cross Street.

Where is the Selaiyur Sub Registrar Office located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (Opp to Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.