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 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 1st Cross Street has changed

The guideline value for Balaji Nagar 1st Cross Street has seen several revisions over the years. In 2002, the guideline value was Rs 400 per sq.ft, which increased to Rs 443 per sq.ft in 2003. The value then rose significantly to Rs 1,100 per sq.ft in 2007, followed by a substantial jump to Rs 5,000 per sq.ft in 2012. However, it decreased to Rs 3,350 per sq.ft in 2017, before increasing again to Rs 5,000 per sq.ft in 2023. The current value is Rs 5,500 per sq.ft as of the 2024 revision.

Between the revisions, the changes were as follows: from 2002 to 2003, there was an increase of 11%. The value then rose by 148% from 2003 to 2007. Following that, there was a remarkable increase of 355% from 2007 to 2012. The value dropped by 33% from 2012 to 2017, and then increased by 49% from 2017 to 2023. The latest revision shows a 10% increase from 2023 to 2024. 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 have a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, making the current guideline value of Balaji Nagar 1st Cross Street above that median.

• Balaji Nagar 1st Street: Rs 6,050 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 Cross 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 be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, together amounting to Rs 4,95,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

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

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

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

The guideline value is a crucial factor in the registration process when buying or selling property in Virugambakkam. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on the official valuation of the property.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to determine the applicable duty. This ensures that the government receives the appropriate revenue from property transactions in the area.

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 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, increasing from Rs 400 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, marking an overall increase of 1275% over this period.

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

Balaji Nagar 1st Cross Street is classified as Residential Class II Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for Balaji Nagar 1st Cross Street?

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

How do stamp duty and registration fees work in Virugambakkam?

Stamp duty and registration fees in Virugambakkam are calculated based on the higher of the guideline value and the sale price of the property. This ensures that the government receives the appropriate revenue during property transactions.