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 5,500 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class II 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. Starting from Rs 400 per sq.ft in 2002, the value increased to Rs 443 per sq.ft in 2003. It 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 to Rs 5,000 per sq.ft in 2023. The most recent revision in 2024 set the guideline value at Rs 5,500 per sq.ft.

In terms of percentage changes, from 2002 to 2024, the overall increase in guideline value is +1275%. Notably, the guideline value rose by +10% from 2023 to 2024, and there was a +49% increase from 2017 to 2023. Other revisions did not have a figure recorded for this street.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. The guideline value of Balaji Nagar 2nd Cross Street is above this median.

• Balaji Nagar 2nd Street: Rs 5,500 per sq.ft (2024)
• Balaji Nagar 1st Street: Rs 6,050 per sq.ft (2024)
• Balaji Nagar 3rd Street: Rs 5,500 per sq.ft (2024)
• Balaji Nagar 1st Cross 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 2nd 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 amount to Rs 3,85,000, while the registration fee at 2% would be Rs 1,10,000. Together, the total cost for these fees would be Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Balaji Nagar 2nd Cross Street?

The Sub Registrar Office that covers Balaji Nagar 2nd Cross Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Virugambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. This ensures that the property is not undervalued during the registration process.

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 helps in maintaining transparency and fairness in property transactions.

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 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 400 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of +1275% over this period.

What are the stamp duty and registration fees for property in this area?

For a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 and the registration fee would be Rs 1,10,000, totaling Rs 4,95,000.

Which office handles property registrations for Balaji Nagar 2nd Cross Street?

The Virugambakkam Sub Registrar Office handles property registrations for Balaji Nagar 2nd Cross Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the significance of the guideline value when buying property?

The guideline value is used to determine the minimum value for property registration, ensuring that properties are not sold below their market value. It also affects the calculation of stamp duty and registration fees.