Guideline Value for Balaji Nagar 5th Street

Balaji Nagar 5th Street guideline value

The current guideline value of Balaji Nagar 5th Street is Rs 2,800 per sq.ft, effective from 1 July 2024. This street is located in Ullagaram village, under the Alandur SRO, and is classified as Residential Class II 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. In 2002, the guideline value was Rs 253 per sq.ft, which increased to Rs 284 per sq.ft in 2003. Following this, there was a significant rise to Rs 1,200 per sq.ft in 2007, and the value further increased to Rs 2,500 per sq.ft in 2012. However, it decreased to Rs 1,675 per sq.ft in 2017. The subsequent revisions saw the value rise to Rs 2,500 per sq.ft in 2023 and finally reach Rs 2,800 per sq.ft in 2024.

The changes between these revisions are notable. From 2002 to 2003, the increase was +12%. The value surged by +323% from 2003 to 2007, followed by a +108% rise from 2007 to 2012. There was a decrease of -33% from 2012 to 2017, and then a significant increase of +49% from 2017 to 2023. The latest revision from 2023 to 2024 reflects a +12% increase. Overall, from 2002 to 2024, the guideline value has increased by +1007%.

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 guideline value is Rs 2,800 per sq.ft, which is equal to the 2024 figure for Balaji Nagar 5th Street.

• Balaji Nagar 5th Cross Street: Rs 2,800 per sq.ft (2024)
• Balaji Nagar 6th Street: Rs 2,800 per sq.ft (2024)
• Balaji Nagar 4th Street: Rs 2,800 per sq.ft (2024)
• Balaji Nagar 4th Cross Street: Rs 2,800 per sq.ft (2024)
• Balaji Nagar 7th Street: Rs 2,800 per sq.ft (2024)
• Balaji Nagar 8th Street: Rs 2,800 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 rate of Rs 2,800 per sq.ft, the guideline value amounts to Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, totaling Rs 2,52,000. 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 5th Street?

The Sub Registrar Office that covers Balaji Nagar 5th 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 details.

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

The guideline value plays a crucial role in the registration process of property transactions in Ullagaram. It serves as a benchmark for determining the minimum value on which stamp duty and registration fees are calculated. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements during property registration.

When engaging in a property transaction, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation or overvaluation. It is essential for both parties to understand the guideline value to facilitate a smooth registration process.

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 2,800 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 253 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of +1007% over the years.

What is the land classification for Balaji Nagar 5th Street?

Balaji Nagar 5th Street is classified as Residential Class II Type - I, indicating its suitability for residential purposes.

What are the stamp duty and registration fees for a property in Balaji Nagar 5th Street?

For a property valued at Rs 28,00,000, the stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, totaling Rs 2,52,000.

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

The Sub Registrar Office for Balaji Nagar 5th Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.