Guideline Value for Balambigai Nagar Main Road

Balambigai Nagar Main Road guideline value

The current guideline value of Balambigai Nagar Main Road is Rs 3,100 per sq.ft, effective from 1 July 2024. This street is located in Ramapuram village, under the Chennai South Joint II SRO, and is classified as Residential Class II Type - I.

How the guideline value of Balambigai Nagar Main Road has changed

The guideline value for Balambigai Nagar Main Road has seen several revisions over the years. In 2012, the value was set at Rs 2,800 per sq.ft, which then decreased to Rs 1,876 per sq.ft in 2017. Following this, the value increased significantly to Rs 2,800 per sq.ft in 2023, and then rose again to Rs 3,100 per sq.ft in 2024, marking an 11% increase from the previous year.

From 2017 to 2023, there was a substantial increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 11%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median value among these streets is Rs 3,100 per sq.ft, which is equal to the guideline value of Balambigai Nagar Main Road.

• BALAMBIGAI NAGAR & 3 and 4th STREET: Rs 3,100 per sq.ft (2024)
• Balambigai Nagar 1 to 5 Street: Rs 3,100 per sq.ft (2024)
• Balambigai Nagar 1st & 2nd Main Road/Cross Street: Rs 2,750 per sq.ft (2024)
• Balambigai Annex: Rs 3,100 per sq.ft (2024)
• Balakrishna Nagar: Rs 3,100 per sq.ft (2024)
• Balaji Avenue: Rs 3,100 per sq.ft (2024)

Stamp duty and registration fee for property in Balambigai Nagar Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 3,100 per sq.ft, the total guideline value would be Rs 31,00,000. The stamp duty at 7% would amount to Rs 2,17,000, and the registration fee at 2% would be Rs 62,000, bringing the total fees to Rs 2,79,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Balambigai Nagar Main Road?

The Sub Registrar Office that covers Balambigai Nagar Main Road is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value is a critical factor during the registration of property transactions in Ramapuram. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold.

When registering a property, the guideline value serves as a benchmark for the transaction. Buyers and sellers must ensure that the sale price is at least equal to the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Balambigai Nagar Main Road?

The current guideline value of Balambigai Nagar Main Road is Rs 3,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,800 per sq.ft in 2012 to Rs 1,876 per sq.ft in 2017, then increased to Rs 2,800 per sq.ft in 2023, and finally to Rs 3,100 per sq.ft in 2024.

What is the land classification for Balambigai Nagar Main Road?

Balambigai Nagar Main Road is classified as Residential Class II Type - I.

What are the stamp duty and registration fees for properties here?

For a property valued at Rs 31,00,000, the stamp duty would be Rs 2,17,000 and the registration fee would be Rs 62,000, totaling Rs 2,79,000.

Which office handles registrations for Balambigai Nagar Main Road?

The Chennai South Joint II Sub Registrar Office handles registrations for Balambigai Nagar Main Road, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.