Guideline Value for Balaji Nagar

Balaji Nagar guideline value

The current guideline value of Balaji Nagar, located in Moonramkattalai village under the Kunrathur SRO, is Rs 650 per sq.ft. This value is effective from the 2024 revision, which will be implemented on 1 July 2024. The land classification for this area is Residential Class I Type - I.

How the guideline value of Balaji Nagar has changed

The guideline value of Balaji Nagar has seen several revisions over the years. Starting from the 2007 revision, the value was Rs 250 per sq.ft. It increased significantly to Rs 600 per sq.ft in the 2012 revision, marking a 140% increase. However, in the 2017 revision, the value dropped to Rs 402 per sq.ft, reflecting a decrease of 33%. The value then rose to Rs 600 per sq.ft in the 2023 revision, followed by an increase to Rs 650 per sq.ft in the 2024 revision, which is an 8% rise.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 160%. The register does not provide figures for the years 2002 and 2003 for this street.

Guideline values in Moonramkattalai

In Moonramkattalai, there are 43 streets under the Kunrathur SRO that have a 2024 guideline value ranging from Rs 650 to Rs 2,750 per sq.ft. The median value for these streets is Rs 650 per sq.ft, making Balaji Nagar's 2024 figure equal to this median. Below are the guideline values for other streets in Moonramkattalai:

• Agneswarar koil Street: Rs 650 per sq.ft (2024)
• Adhivasi Colony: Rs 650 per sq.ft (2024)
• Eswarar koil Street: Rs 650 per sq.ft (2024)
• Ganesh Nagar: Rs 1,000 per sq.ft (2024)
• Kalvai Street (Kalvai karai Street): Rs 650 per sq.ft (2024)
• Kamarajar Nagar: Rs 650 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 650 per sq.ft, the total guideline value would be Rs 6,50,000. The stamp duty at 7% would amount to Rs 45,500, while the registration fee at 2% would be Rs 13,000, leading to a total of Rs 58,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, 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 Moonramkattalai

The guideline value is a crucial factor during the registration of property transactions in Moonramkattalai. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property in the area.

When a property is registered, the guideline value is assessed, and the applicable duties are calculated based on this value or the sale price, whichever is higher. This ensures that the transaction is recorded accurately and in compliance with local regulations.

Frequently asked questions

What is the current guideline value of Balaji Nagar?

The current guideline value of Balaji Nagar is Rs 650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 250 per sq.ft in 2007 to Rs 650 per sq.ft in 2024, reflecting an overall increase of 160% over this period.

What is the land classification for Balaji Nagar?

Balaji Nagar is classified as Residential Class I Type - I, which indicates its designation for residential purposes.

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

For a property valued at Rs 6,50,000, the stamp duty would be Rs 45,500 and the registration fee would be Rs 13,000, totaling Rs 58,500.

Where is the Kunrathur Sub Registrar Office located?

The Kunrathur Sub Registrar Office is located at No.59, Road Street, Kundrathur, Chennai -600 069. It is the office responsible for property registrations in the area.