Guideline Value for Balvargise Colony

Balvargise Colony guideline value

The current guideline value of Balvargise Colony is Rs 2,700 per sq.ft, effective from 1 July 2024. This colony is located in Peravallur village, under the Sembiam SRO, and is classified as Residential Class I Type - I.

How the guideline value of Balvargise Colony has changed

The guideline value for Balvargise Colony has seen several revisions over the years. In 2002, the value was Rs 360 per sq.ft, which increased to Rs 392 per sq.ft in 2003. Following this, the value rose significantly to Rs 700 per sq.ft in 2007, and then to Rs 2,500 per sq.ft in 2012. However, it decreased to Rs 1,675 per sq.ft in 2017. The value then increased to Rs 2,500 per sq.ft in 2023, and finally to the current rate of Rs 2,700 per sq.ft in 2024.

Between these revisions, the changes varied significantly. From 2002 to 2003, there was an increase of 9%. The value saw a larger jump of 79% from 2003 to 2007. The rise from 2007 to 2012 was 257%, while the value dropped by 33% from 2012 to 2017. A notable increase of 49% occurred from 2017 to 2023, followed by an 8% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 650%.

Guideline values in Peravallur

In Peravallur, there are 423 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 7,100 per sq.ft, with a median value of Rs 3,301 per sq.ft. The guideline value for Balvargise Colony is below this median.

• Balvargise Street: Rs 2,700 per sq.ft (2024)
• Ballard Street: Rs 2,700 per sq.ft (2024)
• Balasubramaniyan Salai: Rs 2,700 per sq.ft (2024)
• Balaram Reddy Street: Rs 2,700 per sq.ft (2024)
• Balaram Reddy Colony: Rs 2,700 per sq.ft (2024)
• Balaraman Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Balvargise Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, making the total cost for these fees Rs 2,43,000. Please note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Balvargise Colony?

The Sub Registrar Office that covers Balvargise Colony is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value plays a crucial role in the property registration process in Peravallur. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property. The guideline value is set by the government and is subject to periodic revisions, reflecting changes in the real estate market.

When buying or selling property, it is important to be aware of the guideline value, as it affects the overall cost of the transaction. Buyers should ensure that they are informed about the latest guideline values to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Balvargise Colony?

The current guideline value of Balvargise Colony is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 360 per sq.ft in 2002 to Rs 2,700 per sq.ft in 2024, with several revisions in between.

What is the land classification of Balvargise Colony?

Balvargise Colony is classified as Residential Class I Type - I.

Where can I find the Sembiam Sub Registrar Office?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011.

How is the stamp duty calculated for properties in Balvargise Colony?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft plot at the current rate, the total guideline value would be Rs 27,00,000.