Guideline Value for Balaji Nagar(Balaji Avenue)

Balaji Nagar(Balaji Avenue) guideline value

The current guideline value of Balaji Nagar (Balaji Avenue) is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is located in Maduravoyal village under the Virugambakkam SRO, classified as Residential Class IV Type - I.

How the guideline value of Balaji Nagar(Balaji Avenue) has changed

The guideline value for Balaji Nagar (Balaji Avenue) has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 300 per sq.ft. This increased to Rs 329 per sq.ft in 2003, marking a 10% rise. The value then saw a significant jump to Rs 500 per sq.ft in 2007, reflecting a 52% increase. In 2012, the guideline value was Rs 2,500 per sq.ft, showing a 400% increase from the previous revision. However, in 2017, it decreased to Rs 1,675 per sq.ft, which was a 33% drop. The value rose to Rs 2,500 per sq.ft in 2023, and finally reached Rs 2,750 per sq.ft in 2024, representing a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 817%. The register has no figures for the years not mentioned in the revisions.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median value for these streets is Rs 3,050 per sq.ft, placing Balaji Nagar (Balaji Avenue) below this median.

• Balaji Avenue: Rs 2,750 per sq.ft (2024)
• Bakyalakshmi Nagar Main Road: Rs 3,600 per sq.ft (2024)
• Bakyalakshmi Nagar 6 th Street: Rs 3,600 per sq.ft (2024)
• Bakyalakshmi Nagar 3rd Street: Rs 3,600 per sq.ft (2024)
• Bakyalakshmi Nagar 2nd Street: Rs 3,600 per sq.ft (2024)
• Bakyalakshmi Nagar 1st Street: Rs 3,600 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar(Balaji Avenue)

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, while the registration fee at 2% would be Rs 55,000. Together, the total cost for these fees would be 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(Balaji Avenue)?

The Sub Registrar Office that covers Balaji Nagar (Balaji Avenue) 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 Maduravoyal

The guideline value is a crucial factor when registering property transactions in Maduravoyal. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transfer of property ownership.

When you buy or sell property, the guideline value is used to ensure that the transaction is recorded accurately in the official register. This helps maintain transparency and ensures that the appropriate taxes are collected based on the value of the property.

Frequently asked questions

What is the current guideline value of Balaji Nagar(Balaji Avenue)?

The current guideline value of Balaji Nagar (Balaji Avenue) is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 300 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024. There have been several revisions, with notable increases and decreases at different intervals.

What are the stamp duty and registration fees for property in Balaji Nagar(Balaji Avenue)?

The stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 2,47,500.

Which Sub Registrar Office covers Balaji Nagar(Balaji Avenue)?

The Virugambakkam Sub Registrar Office covers Balaji Nagar (Balaji Avenue), located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the guideline value used in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It ensures that the transaction is recorded accurately and that the appropriate taxes are collected based on the property's value.