Guideline Value for Balaji Nagar 5th Street

Balaji Nagar 5th Street guideline value

The current guideline value of Balaji Nagar 5th 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 is classified as Residential Special Type - I.

How the guideline value of Balaji Nagar 5th Street has changed

The guideline value for Balaji Nagar 5th Street has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, which is an increase from Rs 2,000 per sq.ft in 2023, marking a change of +10%. Prior to that, in 2017, the value was Rs 1,340 per sq.ft, indicating a significant rise of +49% over the six-year period leading up to 2023. The 2012 revision had the value at Rs 2,000 per sq.ft, which was a decrease of -33% from the 2017 figure.

It is important to note that there are no figures available for Balaji Nagar 5th Street in the revisions from 2002, 2003, and 2007. Overall, from the 2012 revision to the current 2024 value, there has been a +10% change.

Guideline values in Madambakkam

In Madambakkam, there are 1151 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 value for these streets is Rs 2,400 per sq.ft, placing the 2024 guideline value of Balaji Nagar 5th Street below that median.

• Balaji Nagar 6th Cross Street: Rs 2,200 per sq.ft (2024)
• Balaji Nagar 5th Cross Street: Rs 2,200 per sq.ft (2024)
• Balaji Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Balaji Nagar 6th Street: Rs 2,200 per sq.ft (2024)
• Balaji Nagar 7th Cross Street: Rs 2,200 per sq.ft (2024)
• Balaji Nagar 7th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar 5th 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, bringing the total cost for these fees to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Balaji Nagar 5th Street?

The Sub Registrar Office that covers Balaji Nagar 5th 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 plays a crucial role in property transactions in Madambakkam. It is used as a reference for determining the stamp duty and registration fees that need to be paid during the registration process. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

When a property is sold, the guideline value serves as a benchmark to prevent undervaluation. This ensures that the government receives the appropriate revenue from property transactions, based on the established guideline value.

Frequently asked questions

What is the current guideline value of Balaji Nagar 5th Street?

The current guideline value of Balaji Nagar 5th 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 2023 to Rs 2,200 per sq.ft in 2024, a +10% increase. It was Rs 1,340 per sq.ft in 2017 and Rs 2,000 per sq.ft in 2012, showing significant changes over the years.

What are the other streets in Madambakkam with the same guideline value?

Several other streets in Madambakkam have the same guideline value of Rs 2,200 per sq.ft for 2024, including Balaji Nagar 6th Cross Street, Balaji Nagar 5th Cross Street, Balaji Nagar 4th Street, Balaji Nagar 6th Street, Balaji Nagar 7th Cross Street, and Balaji Nagar 7th Street.

What fees are associated with buying property in Balaji Nagar 5th Street?

When purchasing property in Balaji Nagar 5th Street, buyers should expect to pay stamp duty at 7% and a registration fee at 2% based on the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Balaji Nagar 5th Street located?

The Selaiyur Sub Registrar Office, which covers Balaji Nagar 5th Street, is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.