Guideline Value for Balaji Nagar

Balaji Nagar guideline value

The current guideline value of Balaji Nagar is Rs 1,980 per sq.ft, effective from 1 July 2024. This area is located in Kilkattalai village under the Pallavaram SRO and is classified as Residential Class II Type - I.

How the guideline value of Balaji Nagar has changed

Over the years, the guideline value of Balaji Nagar has experienced significant changes. In the 2003 revision, the value was Rs 263 per sq.ft, which increased to Rs 400 per sq.ft in 2007. This was a substantial increase of 52%. The value then saw a dramatic rise to Rs 1,800 per sq.ft in 2012, marking a 350% increase. However, it decreased to Rs 1,206 per sq.ft in the 2017 revision, a decline of 33%. The value rebounded to Rs 1,800 per sq.ft in 2023, and as of the 2024 revision, it stands at Rs 1,980 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that there is no figure available for Balaji Nagar in the 2002 revision. Overall, from 2003 to 2024, the guideline value has increased by 653%.

Guideline values in Kilkattalai

Kilkattalai village has a total of 194 streets under the Pallavaram SRO, with guideline values ranging from Rs 1,080 to Rs 5,500 per sq.ft. The median guideline value in this area is Rs 2,530 per sq.ft, placing Balaji Nagar's 2024 figure below that median.

• Bakkiyammal Nagar: Rs 2,200 per sq.ft (2024)
• Balamurugan Nagar: Rs 2,750 per sq.ft (2024)
• Balamurugan Nagar 1 To 9 Streets: Rs 2,750 per sq.ft (2024)
• Balaram Nagar: Rs 2,200 per sq.ft (2024)
• Baskar Nagar: Rs 2,530 per sq.ft (2024)
• Baskar Nagar 1 And 2nd Streets: Rs 2,530 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,980 per sq.ft, the total guideline value would be Rs 19,80,000. The stamp duty at 7% would amount to Rs 1,38,600, and the registration fee at 2% would be Rs 39,600, bringing the total fees together to Rs 1,78,200. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Balaji Nagar?

The Sub Registrar Office that covers Balaji Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value is a crucial factor when buying or selling property in Kilkattalai, as it determines the minimum value at which a property can be registered. This value is used for calculating stamp duty and registration fees, ensuring that the transaction is in compliance with the regulations set by the government.

When a property is sold, the sale price and the guideline value are compared, and the higher amount is used for calculating the applicable duties. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Balaji Nagar?

The current guideline value of Balaji Nagar is Rs 1,980 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 263 per sq.ft in 2003 to Rs 1,980 per sq.ft in 2024, reflecting an overall increase of 653% over this period.

What is the land classification of Balaji Nagar?

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

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

The Pallavaram Sub Registrar Office covers Balaji Nagar and is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

How is stamp duty calculated in Balaji Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 19,80,000, the stamp duty would be Rs 1,38,600 at a rate of 7%.