Guideline Value for Balambigai Nagar

Balambigai Nagar guideline value

The current guideline value of Balambigai Nagar is Rs 3,800 per sq.ft, effective from 1 July 2024. This area is located in Konnur village, under the Konnur SRO, and is classified as Residential Class II Type - I.

How the guideline value of Balambigai Nagar has changed

Over the years, the guideline value of Balambigai Nagar has seen significant changes. The register shows that in 2002, the value was Rs 170 per sq.ft. This increased to Rs 185 per sq.ft in 2003, followed by a substantial rise to Rs 500 per sq.ft in 2007. The value then jumped dramatically to Rs 3,500 per sq.ft in 2012, before decreasing to Rs 2,345 per sq.ft in 2017. The value increased again to Rs 3,500 per sq.ft in 2023, and finally reached Rs 3,800 per sq.ft in the 2024 revision.

The changes between these revisions are notable. From 2002 to 2003, the increase was +9%. The jump from 2003 to 2007 was +170%. The value then rose by +600% from 2007 to 2012. However, from 2012 to 2017, there was a decrease of -33%. The value rebounded with a +49% increase from 2017 to 2023, and finally, from 2023 to 2024, it rose by +9%. Overall, from 2002 to 2024, the guideline value has increased by +2135%.

Guideline values in Konnur

In Konnur, there are 249 streets under the Konnur SRO, with 2024 guideline values ranging from Rs 2,750 to Rs 7,100 per sq.ft. The median value is Rs 3,800 per sq.ft, which is the same as the guideline value for Balambigai Nagar.

• Balaraman Street: Rs 2,750 per sq.ft (2024)
• Balaramapuram: Rs 2,750 per sq.ft (2024)
• Balasubramaniam Street: Rs 5,500 per sq.ft (2024)
• Bazaar Street: Rs 7,100 per sq.ft (2024)
• Bajanai Kovil Street (Thanthankuppam): Rs 2,750 per sq.ft (2024)
• Bharathi Nagar: Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in Balambigai Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,800 per sq.ft, the total guideline value would be Rs 38,00,000. The stamp duty at 7% would amount to Rs 2,66,000, while the registration fee at 2% would be Rs 76,000. Together, the total fees would be Rs 3,42,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Balambigai Nagar?

The Sub Registrar Office that covers Balambigai Nagar is the Konnur Sub Registrar Office, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more details.

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

The guideline value is a crucial factor when buying or selling property in Konnur. It determines the minimum value at which a property can be registered, ensuring that the transaction reflects a fair valuation of the property. Buyers should be aware that the guideline value can influence the overall cost of the transaction, including stamp duty and registration fees.

When registering a property, the guideline value is used to calculate the applicable fees. It is essential for both buyers and sellers to understand this value as it plays a significant role in the registration process. Ensuring that the sale price meets or exceeds the guideline value is necessary to avoid any complications during registration.

Frequently asked questions

What is the current guideline value of Balambigai Nagar?

The current guideline value of Balambigai Nagar is Rs 3,800 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 170 per sq.ft in 2002 to Rs 3,800 per sq.ft in 2024, representing an overall increase of +2135%.

What is the land classification for Balambigai Nagar?

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

Where can I find the registration office for Balambigai Nagar?

The Konnur Sub Registrar Office covers Balambigai Nagar, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

How are stamp duty and registration fees calculated for properties in Balambigai Nagar?

Stamp duty is calculated at 7% of the guideline value, while the registration fee is 2% of the guideline value. The total fees depend on the higher of the guideline value or the sale price.