Guideline Value for Balaji Nagar 1st Street

Balaji Nagar 1st Street guideline value

The current guideline value of Balaji Nagar 1st Street is Rs 2,800 per sq.ft, effective from 1 July 2024. This street is located in Ullagaram village and falls under the Alandur SRO. The land classification for this area is Residential Class II Type - I.

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

The guideline value for Balaji Nagar 1st Street has undergone several revisions over the years. Starting from the 2002 revision, the value was Rs 253 per sq.ft. It increased to Rs 284 per sq.ft in 2003, followed by a significant rise to Rs 1,200 per sq.ft in 2007. The value saw another increase to Rs 2,500 per sq.ft in 2012, but then it decreased to Rs 1,675 per sq.ft in 2017. The guideline value rose again to Rs 2,500 per sq.ft in 2023 and is currently set at Rs 2,800 per sq.ft as of the 2024 revision.

Between the revisions, there have been notable changes. From 2002 to 2003, the increase was 12%. The value surged by 323% from 2003 to 2007, followed by a 108% increase from 2007 to 2012. However, there was a decrease of 33% from 2012 to 2017. The value then rose by 49% from 2017 to 2023, and finally, there was a 12% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 1007%.

Guideline values in Ullagaram

In Ullagaram, there are 298 streets under the Alandur SRO with a 2024 guideline value ranging from Rs 1,700 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,800 per sq.ft, which is equal to the current value of Balaji Nagar 1st Street.

• Balaji Nagar 1st Cross Street: Rs 2,800 per sq.ft (2024)
• Balaji Nagar 2nd Cross Street: Rs 2,800 per sq.ft (2024)
• Balaji Nagar 10th Street: Rs 2,800 per sq.ft (2024)
• Balaji Nagar 2nd Street: Rs 2,800 per sq.ft (2024)
• Balaji Nagar 3rd Cross Street: Rs 2,800 per sq.ft (2024)
• Balaji Nagar 3rd Street: Rs 2,800 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 guideline value of Rs 2,800 per sq.ft, the total guideline value would be Rs 28,00,000. The stamp duty is charged at 7%, which amounts to Rs 1,96,000, while the registration fee is 2%, totaling Rs 56,000. Therefore, the combined total for stamp duty and registration fee would be Rs 2,52,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

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. For further information, you can find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Ullagaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official records.

When a property is sold, the buyer must pay stamp duty and registration fees 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 1st Street?

The current guideline value of Balaji Nagar 1st Street is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 253 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 1007% over the years.

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

Balaji Nagar 1st Street is classified as Residential Class II Type - I.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. Together, these fees can add a significant amount to the total cost of a property transaction.

Where is the Sub Registrar Office for Balaji Nagar 1st Street located?

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