Guideline Value for Balaya Nagar

Balaya Nagar guideline value

The current guideline value of Balaya Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Moovarasampattu village under the Alandur SRO, classified as Residential Class I Type - I.

How the guideline value of Balaya Nagar has changed

The guideline value for Balaya Nagar has seen significant changes over the years. In 2002, the value was Rs 285 per sq.ft, which increased to Rs 313 per sq.ft in 2003. Following this, the value rose sharply to Rs 650 per sq.ft in 2007, marking an increase of 108%. By 2012, the value remained at Rs 3,000 per sq.ft, but then it decreased to Rs 2,010 per sq.ft in 2017, a decline of 33%. The value then climbed to Rs 3,000 per sq.ft in 2023, and finally reached Rs 3,300 per sq.ft in 2024, reflecting a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,058%. The register has no figures for the years not mentioned in the revisions.

Guideline values in Moovarasampattu

In Moovarasampattu, there are 68 streets under the Alandur SRO with a 2024 guideline value ranging from Rs 1,700 to Rs 5,500 per sq.ft. The median value is Rs 3,300 per sq.ft, which is equal to the guideline value of Balaya Nagar.

• Balaji Nagar Main: Rs 3,300 per sq.ft (2024)
• Bharathiyar 1st Cross: Rs 3,300 per sq.ft (2024)
• Bharathiyar 2nd Cross: Rs 3,300 per sq.ft (2024)
• Bharathiyar First Street: Rs 3,300 per sq.ft (2024)
• Bharathiyar Street: Rs 3,300 per sq.ft (2024)
• Bajanai Koil 1st Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Balaya Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and 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 further calculations.

Which Sub Registrar Office covers Balaya Nagar?

The Sub Registrar Office that covers Balaya Nagar is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value is an essential factor in property transactions in Moovarasampattu, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that all transactions are conducted at a fair and regulated price.

During the registration process, both the buyer and seller must be aware of the guideline value, as it influences the overall cost of the transaction. It is advisable to consult with a real estate professional or legal advisor to understand how the guideline value may impact your specific situation.

Frequently asked questions

What is the current guideline value of Balaya Nagar?

The current guideline value of Balaya Nagar 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 significantly from Rs 285 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 1,058%.

What is the land classification for Balaya Nagar?

Balaya Nagar is classified as Residential Class I Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for Balaya Nagar?

The Sub Registrar Office covering Balaya Nagar is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is the stamp duty calculated for property in Balaya Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 33,00,000 would incur a stamp duty of Rs 2,31,000 at 7%.