Guideline Value for Balaji Nagar 8th Street

Balaji Nagar 8th Street guideline value

The current guideline value of Balaji Nagar 8th Street is Rs 2,750 per sq.ft. This street is located in Nerkundram village, under the jurisdiction of the Virugambakkam SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Balaji Nagar 8th Street has changed

The guideline value for Balaji Nagar 8th 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 60% rise. The value further increased to Rs 500 per sq.ft in 2007, reflecting a 67% change. By 2012, the value had surged to Rs 2,500 per sq.ft, an increase of 400%. However, between 2012 and 2017, the value decreased to Rs 1,675 per sq.ft, showing a decline of 33%. In 2023, the value rose again to Rs 2,500 per sq.ft, and the most recent revision in 2024 set the value at Rs 2,750 per sq.ft, a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 1,363%. Notably, there are no figures available for the years not mentioned in this summary.

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. The median guideline value in this area is Rs 2,200 per sq.ft, placing Balaji Nagar 8th Street's 2024 figure above this median.

• Balaji Nagar 7th Street: Rs 2,750 per sq.ft (2024)
• Balaji Nagar 6th 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 8th Street

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

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

Which Sub Registrar Office covers Balaji Nagar 8th Street?

The Sub Registrar Office that covers Balaji Nagar 8th 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 is a crucial factor when registering property transactions in Nerkundram. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

When buying or selling property, the guideline value helps determine the minimum price at which a property can be registered. Buyers should be aware that the stamp duty is charged on the higher of the guideline value or the sale price, which can affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Balaji Nagar 8th Street?

The current guideline value of Balaji Nagar 8th Street is Rs 2,750 per sq.ft as per the 2024 revision.

How has the guideline value changed over the years?

The guideline value has increased from Rs 188 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, showing a significant overall increase of 1,363%.

What is the land classification for Balaji Nagar 8th Street?

Balaji Nagar 8th Street is classified as Residential Class III Type - I.

Where can I find the Sub Registrar Office for Balaji Nagar 8th Street?

The Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037, covers Balaji Nagar 8th Street.

How is stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 27,50,000 would incur a stamp duty of Rs 1,92,500 at 7%.