Guideline Value for Balaji Nagar 2nd Cross Street

Balaji Nagar 2nd Cross Street guideline value

The current guideline value of Balaji Nagar 2nd 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 2nd Cross Street has changed

The guideline value for Balaji Nagar 2nd Cross Street has seen several revisions over the years. The earliest recorded revision is from 2012, which set the value at Rs 2,000 per sq.ft. This was followed by a decrease to Rs 1,340 per sq.ft in 2017. The value then rose to Rs 2,000 per sq.ft again in 2023, and the most recent revision in 2024 established the current rate at Rs 2,200 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007.

From 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value increased significantly by 49%. The overall change from 2012 to 2024 reflects a modest increase of 10%.

Guideline values in Madambakkam

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

• Balaji Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Balaji Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Balaji Nagar 1st Cross 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 2nd 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, leading to a total cost of Rs 1,98,000. It is important to note that 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 2nd Cross Street?

The Sub Registrar Office that covers Balaji Nagar 2nd 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 critical factor in property transactions in Madambakkam, as it determines the minimum value at which properties can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that these costs are aligned with the official valuation of the property.

It is essential for buyers and sellers to be aware of the guideline value to avoid any discrepancies during the registration process. Understanding this value helps in making informed decisions regarding property transactions in the area.

Frequently asked questions

What is the current guideline value of Balaji Nagar 2nd Cross Street?

The current guideline value of Balaji Nagar 2nd 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 are the stamp duty and registration fees for a property here?

For a property of 1,000 sq.ft at the current guideline value, the total guideline value is Rs 22,00,000, with stamp duty at Rs 1,54,000 and registration fee at Rs 44,000, totaling Rs 1,98,000.

Which Sub Registrar Office covers this area?

The Selaiyur Sub Registrar Office covers Balaji Nagar 2nd Cross Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

What is the land classification of Balaji Nagar 2nd Cross Street?

The land classification for Balaji Nagar 2nd Cross Street is Residential Special Type - I.