Guideline Value for Balaji Street

Balaji Street guideline value

The current guideline value of Balaji Street in Erukancherry village is Rs 2,500 per sq.ft, effective from 1 July 2024. This street falls under the Madhavaram SRO and is classified as Residential Class III Type - I.

How the guideline value of Balaji Street has changed

The guideline value for Balaji Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,300 per sq.ft, which was then reduced to Rs 1,541 per sq.ft in the 2017 revision. Following this, the 2023 revision saw a significant increase to Rs 2,300 per sq.ft, and the latest 2024 revision raised it further to Rs 2,500 per sq.ft. Notably, the register has no figures for the years 2002, 2003, and 2007.

From 2017 to 2023, there was a 49% increase in the guideline value, while the change from 2023 to 2024 reflects a 9% rise. Overall, comparing the 2012 and 2024 revisions, there has been a 9% increase in the guideline value.

Guideline values in Erukancherry

In Erukancherry, there are 376 streets under the Madhavaram SRO with a 2024 guideline value ranging from Rs 1,900 to Rs 3,800 per sq.ft. The median value for these streets is Rs 2,500 per sq.ft, which aligns with the 2024 guideline value for Balaji Street.

• Balakrishnan Street: Rs 2,500 per sq.ft (2024)
• Balakrishnan Street (Nehru Nagar): Rs 2,200 per sq.ft (2024)
• Baradhdasan Street (Vivekananda Nagar): Rs 3,000 per sq.ft (2024)
• Baradhiar Street (Vivekananda Nagar): Rs 3,000 per sq.ft (2024)
• Balaji Nagar: Rs 1,900 per sq.ft (2024)
• Bhagavathi 1st Cross Street (Lakshmiamman Nagar): Rs 1,900 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value amounts to Rs 25,00,000. The stamp duty at 7% would be Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, bringing the total cost to Rs 2,25,000. Please 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 more details.

Which Sub Registrar Office covers Balaji Street?

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

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

The guideline value is a critical factor when registering property transactions in Erukancherry. It serves as the benchmark for calculating stamp duty and registration fees, ensuring that all transactions comply with the legal requirements set by the government.

When buying or selling property, the guideline value helps determine the minimum price at which a property can be registered. This ensures transparency and helps prevent undervaluation of properties during transactions.

Frequently asked questions

What is the current guideline value of Balaji Street?

The current guideline value of Balaji Street is Rs 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,300 per sq.ft in 2023 to Rs 2,500 per sq.ft in 2024, reflecting a 9% increase. The value was Rs 1,541 per sq.ft in 2017, which shows a 49% increase from that year to 2023.

What is the land classification of Balaji Street?

Balaji Street is classified as Residential Class III Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for property transactions?

The stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. For example, a property valued at Rs 25,00,000 would incur a stamp duty of Rs 1,75,000 and a registration fee of Rs 50,000.

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

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can visit the office for registration-related queries.