Guideline Value for Balaji Nagar 7th Street

Balaji Nagar 7th Street guideline value

The current guideline value of Balaji Nagar 7th Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village, under the Virugambakkam SRO, and is classified as Residential Class III Type - I.

How the guideline value of Balaji Nagar 7th Street has changed

The guideline value for Balaji Nagar 7th Street has seen several revisions over the years. In 2002, the guideline value was Rs 188 per sq.ft, which increased to Rs 300 per sq.ft in 2003, marking a change of +60%. By 2007, the value rose significantly to Rs 500 per sq.ft, a change of +67%. The 2012 revision saw the value increase to Rs 2,500 per sq.ft, representing a substantial +400% increase from the previous figure. However, in 2017, the value dropped to Rs 1,675 per sq.ft, a decrease of -33%. The guideline value then increased to Rs 2,500 per sq.ft in 2023, before reaching the current value of Rs 2,750 per sq.ft in 2024, which is a +10% increase.

Overall, from 2002 to 2024, the guideline value has increased by +1363%. There are no figures available for the years not mentioned in the register for this street.

Guideline values in Nerkundram

Nerkundram has a total of 476 streets under the Virugambakkam SRO, with guideline values ranging from Rs 1,650 to Rs 6,600 per sq.ft in 2024. The median value for these streets is Rs 2,200 per sq.ft, placing Balaji Nagar 7th Street's current value above this median.

• Balaji Nagar 6th Street: Rs 2,750 per sq.ft (2024)
• Balaji Nagar 8th Street: Rs 2,750 per sq.ft (2024)
• Balaji Nagar 5th Street: Rs 2,750 per sq.ft (2024)
• Balaji Nagar 4th Street: Rs 2,750 per sq.ft (2024)
• Balaji Nagar 3rd Street: Rs 2,750 per sq.ft (2024)
• Balaji Nagar 2nd Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar 7th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost for these fees to Rs 2,47,500. 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 further assistance.

Which Sub Registrar Office covers Balaji Nagar 7th Street?

The Sub Registrar Office that covers Balaji Nagar 7th Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration process of property transactions in Nerkundram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value as per the guidelines set by the government.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for legal documentation. This ensures that both parties in the transaction are compliant with the regulations set forth by the local authorities.

Frequently asked questions

What is the current guideline value of Balaji Nagar 7th Street?

The current guideline value of Balaji Nagar 7th Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 188 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, representing an overall increase of +1363% over the years.

What is the land classification of Balaji Nagar 7th Street?

Balaji Nagar 7th Street is classified as Residential Class III Type - I.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500, and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Where is the Sub Registrar Office for Balaji Nagar 7th Street located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.