Guideline Value for Balaji Nagar 3rd Street

Balaji Nagar 3rd Street guideline value

The current guideline value of Balaji Nagar 3rd 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 is classified as Residential Special Type - I.

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

Over the years, the guideline value for Balaji Nagar 3rd Street has seen several revisions. The earliest available figure is from 2012, where the guideline value was Rs 2,000 per sq.ft. This value remained the same until the next revision in 2017, which saw a decrease to Rs 1,340 per sq.ft. In 2023, the guideline value increased to Rs 2,000 per sq.ft, and the most recent revision in 2024 has set it at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

From 2012 to 2017, the value decreased by 33%, but from 2017 to 2023, it increased significantly by 49%. Overall, from 2012 to 2024, the guideline value has seen a marginal increase of 10%. The register does not have figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO that carry a 2024 guideline value, 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, indicating that Balaji Nagar 3rd Street's current value is below this median.

• Balaji Nagar 3rd Cross Street: Rs 2,200 per sq.ft (2024)
• Balaji Nagar 4th Cross Street: Rs 2,200 per sq.ft (2024)
• Balaji Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Balaji Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Balaji Nagar 5th Cross Street: Rs 2,200 per sq.ft (2024)
• Balaji Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar 3rd 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, making the total cost for these fees 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.

You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Balaji Nagar 3rd Street?

The Sub Registrar Office that covers Balaji Nagar 3rd 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 details.

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

The guideline value is a crucial factor when registering property transactions in Madambakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the market price of the property. Buyers and sellers must consider this value to ensure compliance with legal requirements during the registration process.

Frequently asked questions

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

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

What is the land classification for Balaji Nagar 3rd Street?

Balaji Nagar 3rd Street is classified as Residential Special Type - I under the Selaiyur SRO.

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

The stamp duty is 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 1,98,000.

Which office handles registrations for Balaji Nagar 3rd Street?

The Selaiyur Sub Registrar Office handles registrations for Balaji Nagar 3rd Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai.