Guideline Value for Balaji Nagar 2nd Street

Balaji Nagar 2nd Street guideline value

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

How the guideline value of Balaji Nagar 2nd Street has changed

The guideline value for Balaji Nagar 2nd Street has seen several revisions over the years. In 2002, the guideline value was Rs 253 per sq.ft, which increased significantly to Rs 284 per sq.ft in 2003, marking a 12% rise. The value then surged to Rs 1,200 per sq.ft in 2007, reflecting a substantial increase of 323%. Following this, the value decreased to Rs 2,500 per sq.ft in 2012, representing a decline of 33%. The value then rose again to Rs 1,675 per sq.ft in 2017, which was a 49% increase from the previous figure. The 2023 revision set the value at Rs 2,500 per sq.ft, and the most recent revision in 2024 has raised it to Rs 2,800 per sq.ft, showing a 12% increase.

Overall, from 2002 to 2024, the guideline value has increased by 1007%. There are no figures available for the revisions in years other than those listed.

Guideline values in Ullagaram

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

• Balaji Nagar 2nd Cross 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)
• Balaji Nagar 1st Street: Rs 2,800 per sq.ft (2024)
• Balaji Nagar 4th Cross Street: Rs 2,800 per sq.ft (2024)
• Balaji Nagar 1st Cross Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value amounts to Rs 28,00,000. The stamp duty, charged at 7%, would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000. Together, the total cost for stamp duty and registration would be Rs 2,52,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Balaji Nagar 2nd Street?

The Sub Registrar Office that covers Balaji Nagar 2nd 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 Ullagaram

The guideline value is a crucial factor in property transactions in Ullagaram, as it determines the minimum value on which stamp duty and registration fees are calculated. When a property is sold, the buyer and seller must ensure that the sale price is at least equal to the guideline value to avoid any legal issues during registration.

Additionally, the guideline value serves as a benchmark for property valuation in the area, providing transparency in transactions. It is essential for buyers and sellers to be aware of the current guideline value to make informed decisions during property dealings.

Frequently asked questions

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

The current guideline value of Balaji Nagar 2nd 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 multiple times, from Rs 253 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, marking an overall increase of 1007%.

What is the land classification for Balaji Nagar 2nd Street?

Balaji Nagar 2nd Street is classified as Residential Class II Type - I.

Where is the Alandur Sub Registrar Office located?

The Alandur Sub Registrar Office is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is stamp duty calculated for properties in Balaji Nagar 2nd Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 28,00,000, the stamp duty would be Rs 1,96,000 at 7%.