Guideline Value for Balaji Nagar Part-3

Balaji Nagar Part-3 guideline value

The current guideline value for Balaji Nagar Part-3 is Rs 1,100 per sq.ft, effective from 1 July 2024. This area is located in Puzhal village under the Redhills SRO, classified as Residential Class II Type - I.

How the guideline value of Balaji Nagar Part-3 has changed

The guideline value for Balaji Nagar Part-3 has undergone several revisions over the years. In 2002, the guideline value was Rs 520 per sq.ft. This figure changed to Rs 53 per sq.ft in 2003, marking a decrease of 90%. The value then increased significantly to Rs 300 per sq.ft in 2007, reflecting a rise of 466%. In 2012, it further increased to Rs 800 per sq.ft, an increase of 167%. However, in 2017, the value dropped to Rs 536 per sq.ft, a decrease of 33%. The value rose again to Rs 1,000 per sq.ft in 2023, followed by the latest revision in 2024, which set the value at Rs 1,100 per sq.ft, a 10% increase.

Overall, from 2002 to 2024, the guideline value for Balaji Nagar Part-3 has increased by 112%. The register has no figures for the years not mentioned above.

Guideline values in Puzhal

In Puzhal, there are 270 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft, with a median value of Rs 1,102 per sq.ft. The guideline value for Balaji Nagar Part-3 is below this median.

• Balaji Nagar Part I: Rs 1,100 per sq.ft (2024)
• Balaji Nagar Extension-1: Rs 1,100 per sq.ft (2024)
• Bajanai Kovil Street: Rs 1,100 per sq.ft (2024)
• Azhagiri Street: Rs 1,100 per sq.ft (2024)
• Bharathidasan Street: Rs 1,100 per sq.ft (2024)
• Bharathi Street: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar Part-3

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value would be Rs 11,00,000. The stamp duty at 7% would amount to Rs 77,000, and the registration fee at 2% would be Rs 22,000, bringing the total to Rs 99,000. Please note that the 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 accurate calculations.

Which Sub Registrar Office covers Balaji Nagar Part-3?

The Sub Registrar Office covering Balaji Nagar Part-3 is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value plays a crucial role when buying or selling property in Puzhal. It serves as a benchmark for determining the minimum value at which a property can be registered. This value is essential for calculating the stamp duty and registration fees applicable during the transaction.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue based on the property's value.

Frequently asked questions

What is the current guideline value of Balaji Nagar Part-3?

The current guideline value of Balaji Nagar Part-3 is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 520 per sq.ft in 2002 to Rs 1,100 per sq.ft in 2024, reflecting various increases and decreases over the years.

What is the registration office for Balaji Nagar Part-3?

The registration office for Balaji Nagar Part-3 is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

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, for a plot valued at Rs 11,00,000, the stamp duty would be Rs 77,000 at 7%.

What are the other streets in Puzhal with the same guideline value?

Other streets in Puzhal with the same 2024 guideline value of Rs 1,100 per sq.ft include Balaji Nagar Part I, Balaji Nagar Extension-1, Bajanai Kovil Street, Azhagiri Street, Bharathidasan Street, and Bharathi Street.