Guideline Value for Balaji Nagar

Balaji Nagar guideline value

The current guideline value of Balaji Nagar, located in Varadarajapuram village under the Padappai SRO, is Rs 1,650 per sq.ft. This value is effective from 1 July 2024 and falls under the land classification of Residential Special Type - II.

How the guideline value of Balaji Nagar has changed

Over the years, the guideline value of Balaji Nagar has seen several revisions. The earliest recorded value in the register is from 2007, which was Rs 120 per sq.ft. This figure increased significantly to Rs 1,500 per sq.ft in 2012, marking a rise of 1150%. However, it then decreased to Rs 1,005 per sq.ft in 2017, a decline of 33%. The value further increased to Rs 1,500 per sq.ft in 2023, followed by the latest revision to Rs 1,650 per sq.ft in 2024, reflecting a 10% increase.

From 2017 to 2023, the guideline value rose by 49%. The overall change from the 2007 figure to the 2024 figure is a substantial increase of 1275%. It is important to note that the register does not contain figures for the years 2002 and 2003 for this street.

Guideline values in Varadarajapuram

In Varadarajapuram, there are 250 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 4,100 per sq.ft, with the median being Rs 1,650 per sq.ft. Balaji Nagar's 2024 guideline value aligns with this median.

• Bajanai Koil Street: Rs 1,650 per sq.ft (2024)
• Balaji Nagar Phase I and II: Rs 1,650 per sq.ft (2024)
• Athivaradar Avenue Extension: Rs 3,700 per sq.ft (2024)
• Athivaradar Avenue: Rs 3,700 per sq.ft (2024)
• B & B Garden: Rs 2,530 per sq.ft (2024)
• B & B Garden Phase - II: Rs 2,530 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 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total fees to Rs 1,48,500. It is important to note that 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 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 Varadarajapuram

The guideline value plays a crucial role in property transactions in Varadarajapuram. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with local regulations.

When registering a property, the guideline value is used to calculate the stamp duty and registration fees. This ensures that all transactions are transparent and adhere to the legal framework set by the Registration Department.

Frequently asked questions

What is the current guideline value of Balaji Nagar?

The current guideline value of Balaji Nagar is Rs 1,650 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 120 per sq.ft in 2007 to Rs 1,650 per sq.ft in 2024, which is an overall increase of 1275%.

What is the land classification for Balaji Nagar?

Balaji Nagar falls under the land classification of Residential Special Type - II.

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

For a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 and the registration fee would be Rs 33,000, totaling Rs 1,48,500.

Where is the Sub Registrar Office for Balaji Nagar located?

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