Guideline Value for Balaji Nagar 3rd Cross Street

Balaji Nagar 3rd Cross Street guideline value

The current guideline value of Balaji Nagar 3rd 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, and it falls under the Residential Special Type - I land classification.

How the guideline value of Balaji Nagar 3rd Cross Street has changed

The guideline value for Balaji Nagar 3rd Cross Street has seen several revisions over the years. The earliest recorded figure is from 2012, which was Rs 2,000 per sq.ft. This was followed by a decrease to Rs 1,340 per sq.ft in 2017. In 2023, the value increased to Rs 2,000 per sq.ft, and the latest revision in 2024 set the value at Rs 2,200 per sq.ft. Notably, there are no figures available in the register 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 jump from 2023 to 2024 reflects a 10% increase. Overall, comparing the 2012 and 2024 figures, there has been a 10% increase in the guideline value.

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 3rd Cross Street's 2024 value below this median.

• Balaji Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Balaji Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Balaji Nagar 4th Cross Street: Rs 2,200 per sq.ft (2024)
• Balaji Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Balaji Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Balaji Nagar 4th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar 3rd 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 is calculated at 7%, which totals Rs 1,54,000, while the registration fee is 2%, amounting to Rs 44,000. Together, the total fees would be Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Balaji Nagar 3rd Cross Street?

The Sub Registrar Office that covers Balaji Nagar 3rd 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, 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 crucial factor when buying or selling property in Madambakkam. It serves as a benchmark for determining the stamp duty and registration fees payable during the registration of property transactions. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the correct amount of revenue based on the property's value.

Frequently asked questions

What is the current guideline value of Balaji Nagar 3rd Cross Street?

The current guideline value of Balaji Nagar 3rd 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 increased to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the median guideline value in Madambakkam?

The median guideline value in Madambakkam is Rs 2,400 per sq.ft. Balaji Nagar 3rd Cross Street's 2024 value is below this median.

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

The stamp duty is charged at 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 22,00,000, the total fees would be Rs 1,98,000.

Where can I find the Sub Registrar Office for Balaji Nagar 3rd Cross Street?

The Selaiyur Sub Registrar Office covers Balaji Nagar 3rd Cross Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.