Guideline Value for Balaji Nagar 6th Street

Balaji Nagar 6th Street guideline value

The current guideline value of Balaji Nagar 6th Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Kolathur village under the Sembiam SRO, and is classified as Residential Special Type - I.

How the guideline value of Balaji Nagar 6th Street has changed

The guideline value for Balaji Nagar 6th Street has undergone several revisions over the years. In 2007, the value was set at Rs 900 per sq.ft, which saw a significant increase to Rs 4,000 per sq.ft in 2012. However, this value dropped by 33% to Rs 2,680 per sq.ft in 2017. Following this, the value rose sharply to Rs 4,000 per sq.ft in 2023, and has now increased by 10% to Rs 4,400 per sq.ft in 2024.

It is important to note that there are no figures available for the years 2002 and 2003 for this street. Over the overall period from 2007 to 2024, the guideline value has increased by 389%.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO, with guideline values ranging from Rs 2,200 to Rs 6,000 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing Balaji Nagar 6th Street's 2024 figure above this median.

• Balaji Nagar 7th Cross Street: Rs 4,400 per sq.ft (2024)
• Balaji Nagar 6th Cross Street: Rs 4,400 per sq.ft (2024)
• Balaji Nagar 7th Street: Rs 4,400 per sq.ft (2024)
• Balaji Nagar 5th Street: Rs 4,400 per sq.ft (2024)
• Balaji Nagar 8th Cross Street: Rs 4,400 per sq.ft (2024)
• Balaji Nagar 5th Cross Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar 6th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, leading to a total of Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Balaji Nagar 6th Street?

The Balaji Nagar 6th Street falls under the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration of property transactions in Kolathur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the sale price is aligned with the government’s valuation.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory for completing the transaction. This ensures transparency and fairness in property dealings.

Frequently asked questions

What is the current guideline value of Balaji Nagar 6th Street?

The current guideline value of Balaji Nagar 6th Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 900 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 389% over the years.

What is the land classification for Balaji Nagar 6th Street?

Balaji Nagar 6th Street is classified as Residential Special Type - I, indicating its suitability for residential development.

Where can I find the Sembiam Sub Registrar Office?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011. This office handles registrations for properties in the area.

How is stamp duty calculated for properties in Balaji Nagar 6th Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 44,00,000 would incur a stamp duty of Rs 3,08,000 at 7%.