Guideline Value for Balaji Nagar

Balaji Nagar guideline value

The current guideline value of Balaji Nagar is Rs 990 per sq.ft, effective from 1 July 2024. This area is located in Nandambakkam village, under the Padappai SRO, and is classified as Residential 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 2007, the value was set at Rs 50 per sq.ft. This figure rose dramatically to Rs 900 per sq.ft in 2012, marking an increase of 1,700%. However, in 2017, the value decreased to Rs 603 per sq.ft, a drop of 33%. The 2023 revision saw the value increase to Rs 900 per sq.ft, and the most recent revision in 2024 has set the value at Rs 990 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for the years 2002 and 2003 for this street. Overall, the guideline value has increased by 1,880% from Rs 50 per sq.ft in 2007 to Rs 990 per sq.ft in 2024.

Guideline values in Nandambakkam

In Nandambakkam, there are 94 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 2,300 per sq.ft, with a median value of Rs 880 per sq.ft. The guideline value of Balaji Nagar is above this median.

• Anjugam Nagar: Rs 990 per sq.ft (2024)
• Ambedkar Nagar: Rs 990 per sq.ft (2024)
• Alagesan Nagar: Rs 720 per sq.ft (2024)
• Devendira Nagar: Rs 990 per sq.ft (2024)
• Devendra Nagar: Rs 990 per sq.ft (2024)
• Devendra Nagar Extension: Rs 990 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 990 per sq.ft, the total guideline value would be Rs 9,90,000. The stamp duty at 7% would be Rs 69,300, and the registration fee at 2% would be Rs 19,800, bringing the total cost for these fees to Rs 89,100. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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 Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Nandambakkam. It serves as the basis for calculating stamp duty and registration fees, which are mandatory costs associated with property transactions.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two values is used to determine the applicable fees. 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 990 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 50 per sq.ft in 2007 to Rs 990 per sq.ft in 2024, which is an overall increase of 1,880%.

What is the land classification of Balaji Nagar?

Balaji Nagar is classified as Residential Special Type - I, indicating its designation for residential use within the area.

Where can I find the registration office for Balaji Nagar?

The registration office for Balaji Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is stamp duty calculated for properties 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 9,90,000, the stamp duty at 7% would be Rs 69,300.