Guideline Value for Balaji Nagar 1st Street

Balaji Nagar 1st Street guideline value

The current guideline value of Balaji Nagar 1st Street is Rs 3,900 per sq.ft, effective from 1 July 2024. This street is located in Adambakkam village, under the Alandur SRO. The land classification for this area is Residential Class I Type - III.

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

The guideline value for Balaji Nagar 1st Street has seen several revisions over the years. In the 2002 revision, the value was Rs 330 per sq.ft. This increased to Rs 376 per sq.ft in 2003, marking a 14% rise. The value then saw a significant jump to Rs 1,250 per sq.ft in 2007, which was a 232% increase. Following this, the 2012 revision brought the value down to Rs 3,500 per sq.ft, reflecting a decrease of 33%.

From 2012 to 2017, the guideline value increased to Rs 2,345 per sq.ft, which was a 180% rise. The next revision in 2023 set the value at Rs 3,500 per sq.ft, before the latest revision in 2024, which established the current value at Rs 3,900 per sq.ft. This represents an 11% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 1,082%.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO that have a 2024 guideline value ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,900 per sq.ft, which is equal to the guideline value of Balaji Nagar 1st Street.

• Balaji Nagar 15th Street: Rs 3,900 per sq.ft (2024)
• Balaji Nagar 14th Street: Rs 3,900 per sq.ft (2024)
• Balaji Nagar 13th Street: Rs 3,900 per sq.ft (2024)
• Balaji Nagar 12th Street: Rs 3,900 per sq.ft (2024)
• Balaji Nagar 11th Street: Rs 3,900 per sq.ft (2024)
• Balaji Nagar 10th Street: Rs 3,900 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current rate of Rs 3,900 per sq.ft, the guideline value would be Rs 39,00,000. The stamp duty at 7% would amount to Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, bringing the total to Rs 3,51,000. Please 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 1st Street?

The Sub Registrar Office that covers Balaji Nagar 1st Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Adambakkam. It serves as the minimum value on which stamp duty and registration fees are calculated. This ensures that the government receives appropriate revenue from property transactions.

When a property is sold, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This means that if the sale price is lower than the guideline value, the buyer will still pay duty based on the guideline value.

Frequently asked questions

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

The current guideline value of Balaji Nagar 1st Street is Rs 3,900 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 330 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, which is an overall increase of 1,082%.

What is the land classification for Balaji Nagar 1st Street?

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

What are the stamp duty and registration fees for property in Balaji Nagar 1st Street?

For a 1,000 sq.ft plot at Rs 3,900 per sq.ft, the total guideline value is Rs 39,00,000. The stamp duty would be Rs 2,73,000 and the registration fee would be Rs 78,000, totaling Rs 3,51,000.

Which office handles property registrations in Balaji Nagar 1st Street?

The Alandur Sub Registrar Office handles property registrations for Balaji Nagar 1st Street, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.