Guideline Value for Balambal Nagar

Balambal Nagar guideline value

The current guideline value of Balambal Nagar is Rs 4,400 per sq.ft, effective from 1 July 2024. This area is located in Virugambakkam village, under the jurisdiction of the Virugambakkam SRO. The land classification for this street is Residential Class III Type - I.

How the guideline value of Balambal Nagar has changed

The guideline value for Balambal Nagar has seen several revisions over the years. The earliest recorded figure is from 2002, which was Rs 323 per sq.ft. This increased to Rs 358 per sq.ft in 2003, marking an 11% rise. The value then saw a significant increase to Rs 1,100 per sq.ft in 2007, which was a 207% increase. Following this, the value surged to Rs 4,000 per sq.ft in 2012, reflecting a 264% increase. However, it dropped to Rs 2,680 per sq.ft in 2017, showing a decline of 33%. The value then rebounded to Rs 4,000 per sq.ft in 2023, and finally, it reached the current figure of Rs 4,400 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1262%. There are no figures available for the revisions of any years not mentioned in this report.

Guideline values in Virugambakkam

In Virugambakkam village, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, which is equal to the current guideline value for Balambal Nagar.

• Balakrishnan Street: Rs 4,950 per sq.ft (2024)
• Bangaru Naidu Colony 1st Street: Rs 5,500 per sq.ft (2024)
• Bangaru Naidu Colony 2nd Street: Rs 5,500 per sq.ft (2024)
• Bangaru Naidu Colony 3rd Street: Rs 5,500 per sq.ft (2024)
• Balaji Nagar 3rd Street: Rs 5,500 per sq.ft (2024)
• Balaji Nagar 2nd Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Balambal Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000. Together, the total cost would be Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Balambal Nagar?

The Sub Registrar Office that covers Balambal 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 Virugambakkam

The guideline value plays a crucial role in the registration process when buying or selling property in Virugambakkam. It is used to determine the stamp duty and registration fees that need to be paid during the transaction. The guideline value is set by the Registration Department and is updated periodically to reflect changes in the market.

When a property is sold, the buyer must pay the stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions, maintaining a fair system for all parties involved.

Frequently asked questions

What is the current guideline value of Balambal Nagar?

The current guideline value of Balambal Nagar is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 323 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 1262% over this period.

What are the stamp duty rates for properties in Balambal Nagar?

The stamp duty for properties in Balambal Nagar is charged at 7% of the guideline value or sale price, whichever is higher.

Which office handles property registrations in Balambal Nagar?

The Virugambakkam Sub Registrar Office handles property registrations in Balambal Nagar, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How can I calculate the registration fees for my property?

You can calculate the registration fees for your property using the stamp duty and registration fee calculator available on our site.