Guideline Value for Balaji Nagar First Street Part 1

Balaji Nagar First Street Part 1 guideline value

The current guideline value of Balaji Nagar First Street Part 1 is Rs 3,900 per sq.ft, effective from 1 July 2024. This street is located in Adambakkam village and falls under the Alandur SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Balaji Nagar First Street Part 1 has changed

The guideline value for Balaji Nagar First Street Part 1 has seen several revisions over the years. In 2002, the value was Rs 331 per sq.ft, which increased to Rs 378 per sq.ft in 2003. The value then rose significantly to Rs 1,496 per sq.ft in 2007, followed by a decrease to Rs 3,500 per sq.ft in 2012. In 2017, it was revised to Rs 2,345 per sq.ft, and the most recent revision in 2023 set the value at Rs 3,500 per sq.ft.

From 2023 to 2024, the guideline value increased by 11%, reaching Rs 3,900 per sq.ft. The overall change from 2002 to 2024 reflects a substantial increase of 1,078%, highlighting the shifts in property values over the years.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO that have a 2024 guideline value ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median value is Rs 3,900 per sq.ft, which is equal to the current guideline value of Balaji Nagar First Street Part 1.

• Balaji Nagar Main Road: Rs 3,900 per sq.ft (2024)
• Balaji Nagar Part 1: Rs 3,900 per sq.ft (2024)
• Balaji Nagar Part 2: Rs 3,900 per sq.ft (2024)
• Balaji Nagar 4th Street: Rs 3,900 per sq.ft (2024)
• Balaji Nagar Extension: Rs 3,900 per sq.ft (2024)
• Balakrishna Puram: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar First Street Part 1

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value would be Rs 39,00,000. The stamp duty at 7% would be Rs 2,73,000, while the registration fee at 2% would amount to Rs 78,000. Together, the total fees would be Rs 3,51,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Balaji Nagar First Street Part 1?

The Sub Registrar Office that covers Balaji Nagar First Street Part 1 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 information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Adambakkam. It is used to determine the stamp duty and registration fees that must be paid during the transaction. Buyers and sellers should be aware that the guideline value may influence the overall cost of the property transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Balaji Nagar First Street Part 1?

The current guideline value of Balaji Nagar First Street Part 1 is Rs 3,900 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 331 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, reflecting an overall increase of 1,078% over this period.

What is the land classification for Balaji Nagar First Street Part 1?

Balaji Nagar First Street Part 1 is classified as Residential Class I Type - III.

Where can I find the Sub Registrar Office for Balaji Nagar First Street Part 1?

The Sub Registrar Office for Balaji Nagar First Street Part 1 is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft plot at the current guideline value, the total fees would amount to Rs 3,51,000.