Guideline Value for Balaji Nagar Part 1

Balaji Nagar Part 1 guideline value

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

How the guideline value of Balaji Nagar Part 1 has changed

The guideline value for Balaji Nagar Part 1 has undergone several revisions over the years. In 2002, the guideline value was Rs 330 per sq.ft, which increased to Rs 376 per sq.ft in 2003, marking a change of +14%. The value then saw a significant rise to Rs 900 per sq.ft in 2007, reflecting an increase of +139%. Following this, the value jumped to Rs 3,500 per sq.ft in 2012, a substantial increase of +289%. However, it decreased to Rs 2,345 per sq.ft in 2017, showing a decline of -33%. The guideline value was then revised to Rs 3,500 per sq.ft in 2023, with an increase of +49%, and most recently, it has been set at Rs 3,900 per sq.ft effective from 1 July 2024, reflecting an increase of +11%.

There are no figures for the revisions in the years not mentioned in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by +1082%.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO that carry a 2024 guideline value, ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,900 per sq.ft, which is the same as the current guideline value for Balaji Nagar Part 1.

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

Stamp duty and registration fee for property in Balaji Nagar 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 amounts to Rs 39,00,000. The stamp duty, calculated at 7%, would be Rs 2,73,000, while the registration fee at 2% would be Rs 78,000. Therefore, the total cost for stamp duty and registration fees would be Rs 3,51,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Balaji Nagar Part 1?

The Sub Registrar Office that covers Balaji Nagar 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 is a crucial factor in property transactions in Adambakkam. It serves as a benchmark for determining the minimum value of a property during registration. When buyers and sellers agree on a sale price, the registration office will use the guideline value to calculate applicable duties and fees.

At the time of registration, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that all transactions are recorded accurately and fairly in accordance with the established values.

Frequently asked questions

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

The current guideline value of Balaji Nagar 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 330 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, representing an overall increase of +1082% over this period.

What is the land classification for Balaji Nagar Part 1?

Balaji Nagar Part 1 is classified as Residential Class I Type - III, indicating its suitability for residential development.

What are the stamp duty and registration fees for a property in Balaji Nagar Part 1?

For a property valued at Rs 39,00,000, the stamp duty would be Rs 2,73,000 and the registration fee would be Rs 78,000, totaling Rs 3,51,000.

Where is the Sub Registrar Office for Balaji Nagar Part 1 located?

The Alandur Sub Registrar Office is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061, and it covers the Balaji Nagar Part 1 area.