Guideline Value for Balaji Street

Balaji Street guideline value

The current guideline value of Balaji Street in Valasaravakkam village, under the Virugambakkam SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II Type - II.

How the guideline value of Balaji Street has changed

The guideline value for Balaji Street has undergone several revisions over the years. In 2002, the value was Rs 259 per sq.ft, which increased to Rs 282 per sq.ft in 2003, marking a change of +9%. The value saw a significant rise to Rs 400 per sq.ft in 2007, which was a +42% increase. By 2012, the value remained at Rs 3,000 per sq.ft, showing no change from the previous revision. In 2023, the guideline value was again Rs 3,000 per sq.ft, and then it increased to Rs 3,300 per sq.ft in 2024, reflecting a +10% change.

It is important to note that there is no figure available for Balaji Street in the 2017 revision. Overall, from 2002 to 2024, the guideline value has increased by +1174%.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO with a 2024 guideline value ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median value is Rs 3,850 per sq.ft, which means Balaji Street's 2024 figure is below that median.

• Balaji Nagar Anex: Rs 3,300 per sq.ft (2024)
• Balaji Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Balaji Nagar 1st Street - Sabari Street: Rs 3,300 per sq.ft (2024)
• Bethania Nagar 1st Street: Rs 2,750 per sq.ft (2024)
• Bethania Nagar 2nd Street: Rs 2,750 per sq.ft (2024)
• Bethania Nagar 3rd Street: Rs 2,750 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 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty, charged at 7%, would be Rs 2,31,000, while the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Balaji Street?

The Sub Registrar Office covering Balaji Street 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 Valasaravakkam

The guideline value is an essential factor when buying or selling property in Valasaravakkam, as it determines the minimum value at which property transactions can be registered. It is used to calculate the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the buyer must ensure that the sale price is equal to or greater than the guideline value. This ensures compliance with the regulations set by the Registration Department, which aims to maintain transparency in property transactions.

Frequently asked questions

What is the current guideline value of Balaji Street?

The current guideline value of Balaji Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 259 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, showing an overall increase of +1174% over the years.

What is the land classification for Balaji Street?

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

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

The total stamp duty and registration fees for a property valued at Rs 33,00,000 would amount to Rs 2,97,000, which includes a stamp duty of Rs 2,31,000 and a registration fee of Rs 66,000.

Which Sub Registrar Office covers Balaji Street?

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