Guideline Value for Balaji Nagar

Balaji Nagar guideline value

The current guideline value for Balaji Nagar, located in Pammathukulam village under the Redhills SRO, is Rs 550 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II 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 2002, the value was Rs 284 per sq.ft, which increased to Rs 30 per sq.ft in 2003. Following this, there was a significant rise to Rs 200 per sq.ft in 2007, and then it further increased to Rs 500 per sq.ft in 2012. However, the value decreased to Rs 335 per sq.ft in 2017. The most recent revisions show an increase to Rs 500 per sq.ft in 2023, followed by a further increase to Rs 550 per sq.ft in 2024, marking a 10% rise from the previous year.

In summary, from 2017 to 2023, the guideline value increased by 49%. The increase from 2007 to 2012 was 150%, while the change from 2002 to 2003 was a decrease of 89%. Overall, from 2002 to 2024, the guideline value has risen by 94%.

Guideline values in Pammathukulam

Pammathukulam village has 101 streets under the Redhills SRO, with the 2024 guideline values ranging from Rs 330 to Rs 825 per sq.ft. The median value is Rs 550 per sq.ft, which matches the guideline value of Balaji Nagar.

• Bala Ganesa Nagar: Rs 820 per sq.ft (2024)
• Athithya Nagar: Rs 660 per sq.ft (2024)
• Bismillah Golden City: Rs 660 per sq.ft (2024)
• Brindhavan Garden: Rs 510 per sq.ft (2024)
• Classic Avenue: Rs 440 per sq.ft (2024)
• Al Ameen Nagar II Avenue: Rs 550 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 550 per sq.ft, the total guideline value would be Rs 5,50,000. The stamp duty at 7% would amount to Rs 38,500, and the registration fee at 2% would be Rs 11,000, leading to a total of Rs 49,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Balaji Nagar?

The Sub Registrar Office that covers Balaji Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. To find your specific SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when registering property transactions in Pammathukulam. It serves as a benchmark for determining the stamp duty and registration fees applicable during the sale or purchase of property. Buyers and sellers must consider the guideline value to ensure compliance with the legal requirements for property registration.

When a property is bought or sold, the guideline value helps in calculating the total costs involved in the transaction. It is essential for both parties 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 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 284 per sq.ft in 2002 to Rs 550 per sq.ft in 2024, with several revisions in between. The most significant increase was from Rs 30 per sq.ft in 2003 to Rs 200 per sq.ft in 2007.

What are the guideline values for other streets in Pammathukulam?

Other streets in Pammathukulam have varying guideline values, with rates ranging from Rs 330 to Rs 825 per sq.ft. The median value for the village is Rs 550 per sq.ft.

How is stamp duty calculated for properties in Balaji Nagar?

Stamp duty for properties in Balaji Nagar is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the stamp duty would be Rs 38,500.

Where can I find the Sub Registrar Office for Balaji Nagar?

The Sub Registrar Office for Balaji Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find more information by visiting the link provided.