Guideline Value for NERU NAGER BALAVINAGAR STREET

Neru Nager Balavinagar Street guideline value

The current guideline value of Neru Nager Balavinagar Street is Rs 500 per sq.ft, effective from 1 July 2024. This street is located in Walajabad village and falls under the Walajabad SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Neru Nager Balavinagar Street has changed

The guideline value for Neru Nager Balavinagar Street has seen several revisions over the years. In the 2007 revision, the value was Rs 60 per sq.ft, which increased significantly to Rs 500 per sq.ft in the 2012 revision. However, it dropped to Rs 335 per sq.ft in the 2017 revision before rising again to Rs 500 per sq.ft in both the 2023 and 2024 revisions. The register has no figures for this street in the 2002 and 2003 revisions.

From the 2017 revision to the 2023 revision, the value increased by 49%. The overall change from the 2007 revision to the 2024 revision is a substantial increase of 733%. The guideline value remained stable at Rs 500 per sq.ft from 2023 to 2024, indicating no change during this period.

Guideline values in Walajabad

In Walajabad, there are 196 streets under the Walajabad SRO that carry a 2024 guideline value ranging from Rs 400 to Rs 2,000 per sq.ft. The median value for these streets is Rs 750 per sq.ft, placing Neru Nager Balavinagar Street's 2024 figure below this median.

• Neru Kavadikara Street: Rs 750 per sq.ft (2024)
• Neru Nager Karikara Street: Rs 750 per sq.ft (2024)
• Neru Nager Kilalkarta Street: Rs 500 per sq.ft (2024)
• Neru Nager Kusnikara Street: Rs 750 per sq.ft (2024)
• Neru Nager Madha Koil Street: Rs 750 per sq.ft (2024)
• Neru Nager Savarimuthu Street: Rs 750 per sq.ft (2024)

Stamp duty and registration fee for property in Neru Nager Balavinagar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 500 per sq.ft, the total guideline value would be Rs 5,00,000. The stamp duty at 7% would amount to Rs 35,000, and the registration fee at 2% would be Rs 10,000, leading to a total cost of Rs 45,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Neru Nager Balavinagar Street?

The Sub Registrar Office that covers Neru Nager Balavinagar Street is the Walajabad Sub Registrar Office, located at Sriperumbudur Road, Walajabad-631 605, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Walajabad. It serves as a benchmark for determining the official value of the property, which is used to calculate stamp duty and registration fees.

When a property is sold, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Neru Nager Balavinagar Street?

The current guideline value of Neru Nager Balavinagar Street is Rs 500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 60 per sq.ft in 2007 to Rs 500 per sq.ft in both 2012 and 2024, with a notable increase to Rs 335 per sq.ft in 2017. The value remained stable at Rs 500 per sq.ft from 2023 to 2024.

What is the median guideline value for streets in Walajabad?

The median guideline value for streets in Walajabad is Rs 750 per sq.ft, while Neru Nager Balavinagar Street's 2024 figure is below this median.

What are the stamp duty rates for properties in this area?

The stamp duty rate for properties in Neru Nager Balavinagar Street is 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office that covers Neru Nager Balavinagar Street is located at Sriperumbudur Road, Walajabad-631 605, Chengalpattu registration zone.