Guideline Value for Balaji Nagar

Balaji Nagar guideline value

The current guideline value of Balaji Nagar is Rs 2,400 per sq.ft, effective from 1 July 2024. This locality is situated in Selaiyur village, under the Selaiyur Sub Registrar Office (SRO), and is classified as Residential Special Type - II.

How the guideline value of Balaji Nagar has changed

The guideline value for Balaji Nagar has seen several revisions over the years. The earliest recorded revision was in 2007, where the value was Rs 450 per sq.ft. This figure increased significantly to Rs 2,200 per sq.ft in 2012, marking a rise of 389%. However, in 2017, the value dropped to Rs 1,474 per sq.ft, a decrease of 33%. The value then rose again to Rs 2,200 per sq.ft in 2023, followed by the latest increase to Rs 2,400 per sq.ft in 2024, which is a 9% rise from the previous year. Notably, the register has no figures for the years 2002 and 2003 for this street.

Overall, from the 2007 revision to the current 2024 guideline value, there has been a substantial increase of 433%. The 2023 to 2024 revision reflects a 9% increase, while the jump from 2017 to 2023 represents a 49% rise. These changes illustrate the fluctuations in the guideline value over the years.

Guideline values in Selaiyur

In Selaiyur village, there are 478 streets under the Selaiyur SRO that have a 2024 guideline value ranging from Rs 850 to Rs 6,500 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value for Balaji Nagar exceeds this median, indicating a higher valuation compared to many other streets in the area.

• Balaji Street: Rs 1,300 per sq.ft (2024)
• Bajanai Koil Street: Rs 2,400 per sq.ft (2024)
• Barath Nagar: Rs 950 per sq.ft (2024)
• Bethelpuram: Rs 950 per sq.ft (2024)
• Bethelpuram 1st Cross Street: Rs 950 per sq.ft (2024)
• Bethelpuram 1st Street: Rs 950 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 2,400 per sq.ft, the total guideline value would be Rs 24,00,000. The stamp duty at 7% would amount to Rs 1,68,000, while the registration fee at 2% would be Rs 48,000, bringing the total to Rs 2,16,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Balaji Nagar?

The Sub Registrar Office that covers Balaji Nagar is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions within Selaiyur. It serves as the benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must be aware that the guideline value influences the stamp duty and registration fees applicable during the transaction.

When purchasing or selling property, the guideline value ensures that the government receives the appropriate revenue from stamp duties. This value is essential for both parties to understand, as it impacts the overall cost of the transaction and the legal obligations that arise during the registration process.

Frequently asked questions

What is the current guideline value of Balaji Nagar?

The current guideline value of Balaji Nagar is Rs 2,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 450 per sq.ft in 2007 to Rs 2,400 per sq.ft in 2024, reflecting an overall increase of 433% over the years.

What is the land classification of Balaji Nagar?

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

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

For a property valued at Rs 24,00,000, the stamp duty would be Rs 1,68,000 and the registration fee would be Rs 48,000, totaling Rs 2,16,000.

Where is the Sub Registrar Office for Balaji Nagar located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.