Guideline Value for Balaji Nagar 2nd Street

Balaji Nagar 2nd Street guideline value

The current guideline value of Balaji Nagar 2nd Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Valasaravakkam village under the Virugambakkam SRO and is classified as Residential Class II Type - II.

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. Starting from Rs 398 per sq.ft in 2002, it increased to Rs 433 per sq.ft in 2003, marking a rise of 9%. By 2007, the value surged to Rs 650 per sq.ft, reflecting a significant increase of 50%. The value remained unchanged at Rs 650 per sq.ft until the next revision in 2012, where it was set at Rs 3,000 per sq.ft, a remarkable jump of 362%.

From 2012 to 2023, the guideline value remained steady at Rs 3,000 per sq.ft. In the latest revision for 2024, the value increased to Rs 3,300 per sq.ft, which is a 10% rise from the previous year. Notably, there is no figure available for the 2017 revision for this street.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO, with guideline values ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,850 per sq.ft, placing Balaji Nagar 2nd Street's 2024 figure below that median.

• Balaji Nagar 1st Street - Sabari Street: Rs 3,300 per sq.ft (2024)
• Balaji Nagar Anex: Rs 3,300 per sq.ft (2024)
• Balaji Street: Rs 3,300 per sq.ft (2024)
• AZHVAR THIRUNAGAR - Seran Street: Rs 4,950 per sq.ft (2024)
• AZHVAR THIRUNAGAR - Park View Street: Rs 4,950 per sq.ft (2024)
• AZHVAR THIRUNAGAR - Park Street: Rs 4,950 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 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, 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 Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering properties in Valasaravakkam. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that these costs are calculated based on a standardized value rather than the sale price alone.

When buying or selling a property, the guideline value helps both parties understand the minimum value at which the property should be registered. This ensures transparency in the transaction process and aids in the accurate assessment of taxes due at the time of registration.

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 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 398 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, which is an overall increase of 729% over the years.

What is the stamp duty for property in Balaji Nagar 2nd Street?

The stamp duty for property in Balaji Nagar 2nd Street is 7% of the guideline value or the sale price, whichever is higher. For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000.

Where is the Sub Registrar Office for Balaji Nagar 2nd Street located?

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

What is the median guideline value for streets in Valasaravakkam?

The median guideline value for streets in Valasaravakkam is Rs 3,850 per sq.ft, which indicates that Balaji Nagar 2nd Street's current value is below this median.