Guideline Value for Balaji Nagar

Balaji Nagar guideline value

The current guideline value of Balaji Nagar, located in Nesapakkam village, is Rs 2,750 per sq.ft, effective from 1 July 2024. This area falls under the Virugambakkam SRO and is classified as Residential Class II Type - II.

How the guideline value of Balaji Nagar has changed

The guideline value for Balaji Nagar has seen significant changes over the years. In 2002, the guideline value was Rs 151 per sq.ft. This increased to Rs 166 per sq.ft in 2003, marking a 10% rise. Subsequently, the value surged to Rs 325 per sq.ft in 2007, reflecting a substantial increase of 96%. The value then jumped dramatically to Rs 2,500 per sq.ft in 2012, which was a remarkable increase of 669% from the previous revision.

However, from 2012 to 2017, the guideline value decreased to Rs 1,675 per sq.ft, showing a decline of 33%. The value then rose significantly to Rs 2,500 per sq.ft in 2023, which was a 49% increase. The most recent revision in 2024 set the guideline value at Rs 2,750 per sq.ft, representing a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 1,721%.

Guideline values in Nesapakkam

Nesapakkam village has 148 streets under the Virugambakkam SRO, with guideline values for 2024 ranging from Rs 2,200 to Rs 7,150 per sq.ft. The median guideline value in this area is Rs 3,300 per sq.ft, placing Balaji Nagar's 2024 guideline value below this median.

• BHARATHI NAGAR 1st Street: Rs 3,300 per sq.ft (2024)
• BHARATHI NAGAR 2nd Street: Rs 3,300 per sq.ft (2024)
• BHARATHI NAGAR 3rd Street: Rs 3,300 per sq.ft (2024)
• BHARATHI NAGAR - Ambedhkar Street: Rs 3,850 per sq.ft (2024)
• BHARATHI NAGAR - Amman Street: Rs 3,850 per sq.ft (2024)
• BHARATHI NAGAR - Anna Street: Rs 3,850 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 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, making the total cost for these fees Rs 2,47,500. 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 covering Balaji Nagar is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Nesapakkam. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that these costs are calculated based on the officially recognized value of the property.

When buying or selling property, it is essential to be aware of the current guideline value, as it directly impacts the financial obligations involved in the transaction. Buyers should ensure that they are informed about the guideline values applicable to their specific property to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Balaji Nagar?

The current guideline value of Balaji Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 151 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, marking an overall increase of 1,721%.

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

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft property, these fees total Rs 2,47,500.

Which Sub Registrar Office covers Balaji Nagar?

The Virugambakkam Sub Registrar Office covers Balaji Nagar, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the median guideline value in Nesapakkam?

The median guideline value in Nesapakkam is Rs 3,300 per sq.ft for the year 2024, with Balaji Nagar's value being below this median.