Guideline Value for Balaji Nagar

Balaji Nagar guideline value

The current guideline value of Balaji Nagar is Rs 2,700 per sq.ft, effective from 1 July 2024. This area is located in Kodungaiyur village and falls under the Madhavaram SRO. The land classification for this locality is Residential Class I Type - I.

How the guideline value of Balaji Nagar has changed

The guideline value for Balaji Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which was followed by a decrease to Rs 1,675 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 2,500 per sq.ft, reflecting a rise of 49%. The most recent revision in 2024 has raised the value to Rs 2,700 per sq.ft, an increase of 8% from the previous year.

There are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 8%.

Guideline values in Kodungaiyur

Kodungaiyur has a total of 1,318 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median value for these streets is Rs 2,700 per sq.ft, which is equal to the current guideline value of Balaji Nagar.

• Bakthavatchalam Street (Teacher's Colony): Rs 2,700 per sq.ft (2024)
• Bakthavatchalam Street: Rs 2,700 per sq.ft (2024)
• Balaji Nagar Extension: Rs 2,700 per sq.ft (2024)
• Balaji Nagar Extension (Koyyathoppu): Rs 2,200 per sq.ft (2024)
• Balaji Nagar (Goyathoppu): Rs 2,700 per sq.ft (2024)
• Balaji Street: Rs 2,200 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 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, while the registration fee at 2% would be Rs 54,000. Together, the total charges would be Rs 2,43,000. Please note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Balaji Nagar?

The Sub Registrar Office that covers Balaji Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Kodungaiyur. It serves as the minimum value on which stamp duty and registration fees are calculated, ensuring that the transaction is registered at a fair value set by the government.

When a property is sold, the guideline value helps in determining the legal obligations for both the buyer and seller. It is essential to be aware of the current guideline value to avoid any discrepancies 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 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2023 to Rs 2,700 per sq.ft in 2024, an increase of 8%. It was Rs 1,675 per sq.ft in 2017, showing a significant rise since then.

What is the land classification for Balaji Nagar?

Balaji Nagar is classified as Residential Class I Type - I, indicating its designation for residential use.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated in Balaji Nagar?

Stamp duty in Balaji Nagar is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, there is a registration fee of 2% based on the guideline value.