Guideline Value for NEW BALAJI APPARTMENTS

New Balaji Appartments guideline value

The current guideline value of New Balaji Appartments is Rs 5,400 per sq.ft, effective from 1 July 2024. This property is located in Padi village, under the Villivakkam SRO, and is classified as Residential Class III Type - I.

How the guideline value of New Balaji Appartments has changed

The guideline value for New Balaji Appartments has undergone several revisions over the years. The earliest recorded figure is from 2007, when the guideline value was Rs 850 per sq.ft. This increased significantly to Rs 5,000 per sq.ft in 2012, marking an increase of 488%. However, it then saw a decrease to Rs 3,350 per sq.ft in 2017, a drop of 33%. The value rose again to Rs 5,000 per sq.ft in 2023, and currently stands at Rs 5,400 per sq.ft in 2024, reflecting an increase of 8% from the previous year.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 535%, demonstrating significant changes in the valuation over the years.

Guideline values in Padi

In Padi, there are 354 streets under the Villivakkam SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 13,200 per sq.ft. The median guideline value in this area is Rs 3,800 per sq.ft, indicating that New Balaji Appartments' 2024 figure of Rs 5,400 per sq.ft is above the median.

• North Mada Street: Rs 3,400 per sq.ft (2024)
• North Main Road: Rs 12,000 per sq.ft (2024)
• Officer's Colony: Rs 6,600 per sq.ft (2024)
• Officer's Colony Extension: Rs 6,600 per sq.ft (2024)
• Narayanan Street: Rs 2,200 per sq.ft (2024)
• Narayana Bakthar Colony 5th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in New Balaji Appartments

For a 1,000 sq.ft plot at the current guideline value of Rs 5,400 per sq.ft, the total guideline value would be Rs 54,00,000. The stamp duty at 7% would amount to Rs 3,78,000, and the registration fee at 2% would be Rs 1,08,000, bringing the total fees to Rs 4,86,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers New Balaji Appartments?

The Sub Registrar Office that covers New Balaji Appartments is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

When buying or selling property in Padi, the guideline value serves as a benchmark for determining the minimum value of the property for registration purposes. This value is crucial as it affects the stamp duty and registration fees that need to be paid during the transaction.

It is essential for buyers and sellers to be aware of the guideline value to ensure compliance with local regulations and to avoid any potential legal issues during the registration process. Accurate knowledge of the guideline value can facilitate smoother transactions in the real estate market.

Frequently asked questions

What is the current guideline value of New Balaji Appartments?

The current guideline value of New Balaji Appartments is Rs 5,400 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 850 per sq.ft in 2007 to Rs 5,400 per sq.ft in 2024, reflecting an overall increase of 535% over the years.

What is the median guideline value in Padi?

The median guideline value in Padi is Rs 3,800 per sq.ft, with New Balaji Appartments' current value being above this median.

What are the stamp duty and registration fees for New Balaji Appartments?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 4,86,000.

Which office handles the registration for New Balaji Appartments?

The Villivakkam Sub Registrar Office handles the registration for New Balaji Appartments, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.