Guideline Value for BalajiNagar 2

BalajiNagar 2 guideline value

The current guideline value of BalajiNagar 2 is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Mangadu -A, under the Kunrathur SRO, with a land classification of Residential Special Type - I.

How the guideline value of BalajiNagar 2 has changed

The guideline value for BalajiNagar 2 has seen several revisions over the years. The 2017 revision set the value at Rs 1,340 per sq.ft. This increased to Rs 2,000 per sq.ft in 2023, marking a significant rise of 49%. The most recent revision in 2024 has further increased the value to Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that the register has no figures for this street for the years 2002, 2003, 2007, and 2012.

Guideline values in Mangadu -A

In Mangadu -A, there are 208 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 3,300 per sq.ft. The median value for these streets is Rs 1,870 per sq.ft, placing BalajiNagar 2's 2024 figure above that median.

• Balaji Nagar: Rs 2,200 per sq.ft (2024)
• Balaji Avenue: Rs 1,870 per sq.ft (2024)
• Bajanai Koil Street Vannier pattu: Rs 1,540 per sq.ft (2024)
• Bajanai Koil Street Ragunathapuram: Rs 1,540 per sq.ft (2024)
• Balamurugan Nagar: Rs 2,200 per sq.ft (2024)
• Balandeeswarar Koil Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in BalajiNagar 2

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty, calculated at 7%, would be Rs 1,54,000, while the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers BalajiNagar 2?

The Sub Registrar Office that covers BalajiNagar 2 is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Mangadu -A

The guideline value plays a critical role during property transactions in Mangadu -A. It is used as a reference point for determining the stamp duty and registration fees applicable when registering a property. Buyers and sellers should be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher.

When purchasing property, it is essential to understand that the guideline value is set by the government and can vary by location and land classification. Therefore, it is advisable to check the current guideline value before proceeding with any transaction.

Frequently asked questions

What is the current guideline value of BalajiNagar 2?

The current guideline value of BalajiNagar 2 is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, marking a total increase of 64% over this period.

What is the stamp duty rate for property transactions?

The stamp duty rate for property transactions in Tamil Nadu is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Kunrathur Sub Registrar Office?

The Kunrathur Sub Registrar Office is located at No.59, Road Street, Kundrathur, Chennai -600 069.

How is the guideline value determined?

The guideline value is determined by the government and varies based on location and land classification. It is updated periodically to reflect changes in the real estate market.