Guideline Value for Balaji Nagar Part-II

Balaji Nagar Part-II guideline value

The current guideline value of Balaji Nagar Part-II is Rs 1,320 per sq.ft, effective from 1 July 2024. This area is located in Padiyanallur village and falls under the Redhills SRO. The land classification for this street is Residential Special Type - I.

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

The guideline value for Balaji Nagar Part-II has seen significant changes over the years. In 2003, the guideline value was Rs 76 per sq.ft, which increased to Rs 300 per sq.ft in 2007, marking a rise of 295%. The value then jumped to Rs 1,200 per sq.ft in 2012, a substantial increase of 300%. However, it decreased to Rs 804 per sq.ft in 2017, reflecting a decline of 33%. The value rose again to Rs 1,200 per sq.ft in 2023, followed by a 10% increase to the current value of Rs 1,320 per sq.ft in 2024.

Overall, from 2003 to 2024, the guideline value has increased by 1,637%. The register has no figure for the year 2002 for this street.

Guideline values in Padiyanallur

Padiyanallur village has 132 streets under the Redhills SRO, with guideline values ranging from Rs 385 to Rs 2,750 per sq.ft. The median guideline value for these streets is Rs 770 per sq.ft, positioning Balaji Nagar Part-II's 2024 figure above that median.

• Balasubramaniam Nagar: Rs 770 per sq.ft (2024)
• Balaganesan Street: Rs 770 per sq.ft (2024)
• Bajanai Koil Street: Rs 660 per sq.ft (2024)
• Bharathiar Street (Bhavani Nagar): Rs 770 per sq.ft (2024)
• Bharathidasan Street: Rs 770 per sq.ft (2024)
• Bharathi Nagar: Rs 770 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current rate of Rs 1,320 per sq.ft, the guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, totaling Rs 1,18,800. Duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Balaji Nagar Part-II?

The Sub Registrar Office that covers Balaji Nagar Part-II 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 Padiyanallur

The guideline value is a crucial factor in property transactions in Padiyanallur. It serves as a benchmark for determining the minimum value of properties for registration purposes. When a property is sold, the buyer and seller must ensure that the sale price is at least equal to the guideline value to avoid any legal complications during registration.

Additionally, the guideline value is used to calculate the stamp duty and registration fees applicable to the property transaction. This ensures that the government collects the appropriate taxes based on the established value of the property.

Frequently asked questions

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

The current guideline value of Balaji Nagar Part-II is Rs 1,320 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 76 per sq.ft in 2003 to Rs 1,320 per sq.ft in 2024, reflecting an overall increase of 1,637% over the period.

What is the land classification for Balaji Nagar Part-II?

Balaji Nagar Part-II is classified as Residential Special Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties in Balaji Nagar Part-II?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For example, for a property valued at Rs 13,20,000, the total fees would be Rs 1,18,800.

Where can I find the Sub Registrar Office for Balaji Nagar Part-II?

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