Guideline Value for Balaji Nagar

Balaji Nagar guideline value

The current guideline value of Balaji Nagar, located in Chikkarayapuram village under the Kunrathur SRO, is Rs 1,980 per sq.ft. This value is effective from 1 July 2024 and falls under the land classification of Mixed Special Type - I.

How the guideline value of Balaji Nagar has changed

The guideline value for Balaji Nagar has seen several revisions over the years. In 2003, the value was Rs 48 per sq.ft, which increased significantly to Rs 300 per sq.ft in 2007. The 2012 revision set the value at Rs 1,700 per sq.ft, but this was followed by a decrease to Rs 1,139 per sq.ft in 2017. The value then rose to Rs 1,800 per sq.ft in 2023, and the most recent revision in 2024 has set it at Rs 1,980 per sq.ft, marking a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 4025%. Notably, there is no figure available for the year 2002 in the register for this street.

Guideline values in Chikkarayapuram

In Chikkarayapuram, there are 61 streets under the Kunrathur SRO that carry a 2024 guideline value, ranging from Rs 1,430 to Rs 2,800 per sq.ft, with the median value being Rs 1,980 per sq.ft. The guideline value for Balaji Nagar matches this median.

• Balaji Avenue: Rs 1,760 per sq.ft (2024)
• Bakyam Nagar: Rs 1,760 per sq.ft (2024)
• Bajanai Koil Street: Rs 1,980 per sq.ft (2024)
• Babu Garden Phase II&III: Rs 1,980 per sq.ft (2024)
• Balasubramanian Nagar: Rs 1,870 per sq.ft (2024)
• Anu Garden: Rs 1,980 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, making the total cost for these fees Rs 1,78,200. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, 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 Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Chikkarayapuram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the fair value of the property. Buyers and sellers must consider this value to avoid discrepancies during the registration process, as the stamp duty is calculated based on the higher of the guideline value or the sale price.

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?

Over the years, the guideline value has changed significantly, from Rs 48 per sq.ft in 2003 to Rs 1,980 per sq.ft in 2024, reflecting an overall increase of 4025% since 2003.

What is the registration office for Balaji Nagar?

The registration office for Balaji Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069.

How is stamp duty calculated for properties in Balaji Nagar?

Stamp duty for properties in Balaji Nagar is calculated based on the higher value between the guideline value and the sale price. For example, for a property valued at Rs 19,80,000, the stamp duty would be Rs 1,38,600 at 7%.

What other streets are in Chikkarayapuram?

Other streets in Chikkarayapuram include Balaji Avenue, Bakyam Nagar, Bajanai Koil Street, Babu Garden Phase II&III, and Balasubramanian Nagar, each with their respective guideline values for 2024.