Guideline Value for New Balaji Nagar 2nd Street

New Balaji Nagar 2nd Street guideline value

The current guideline value of New Balaji Nagar 2nd Street is Rs 2,900 per sq.ft, effective from 1 July 2024. This street is located in Selaiyur village, under the Selaiyur SRO, and is classified as Residential Special Type - I.

How the guideline value of New Balaji Nagar 2nd Street has changed

The guideline value for New Balaji Nagar 2nd Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,700 per sq.ft, which remained unchanged until the 2017 revision, where it decreased to Rs 1,809 per sq.ft, marking a decline of 33%. In 2023, the guideline value increased to Rs 2,700 per sq.ft, and subsequently, the 2024 revision raised it to Rs 2,900 per sq.ft, reflecting a 7% increase from the previous year.

In summary, from 2012 to 2024, the overall change in the guideline value is an increase of 7%. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Guideline values in Selaiyur

In Selaiyur, there are 478 streets under the Selaiyur SRO with a guideline value range from Rs 850 to Rs 6,500 per sq.ft. The median guideline value is Rs 2,200 per sq.ft, indicating that the guideline value for New Balaji Nagar 2nd Street is above this median.

• New Balaji Nagar 1st Street: Rs 2,900 per sq.ft (2024)
• New Balaji Nagar 3rd Street: Rs 2,900 per sq.ft (2024)
• New Balaji Nagar: Rs 2,900 per sq.ft (2024)
• New Balaji Nagar 4th Street: Rs 2,900 per sq.ft (2024)
• New Balaji Nagar 5th Street: Rs 2,900 per sq.ft (2024)
• New Balaji Nagar Ext: Rs 2,900 per sq.ft (2024)

Stamp duty and registration fee for property in New Balaji Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,900 per sq.ft, the total guideline value amounts to Rs 29,00,000. The stamp duty at 7% would be Rs 2,03,000, and the registration fee at 2% would be Rs 58,000, bringing the total fees to Rs 2,61,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers New Balaji Nagar 2nd Street?

The Sub Registrar Office that covers New Balaji Nagar 2nd Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Selaiyur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that all transactions are conducted transparently and fairly.

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

Frequently asked questions

What is the current guideline value of New Balaji Nagar 2nd Street?

The current guideline value of New Balaji Nagar 2nd Street is Rs 2,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,700 per sq.ft in 2023 to Rs 2,900 per sq.ft in 2024, reflecting a 7% increase. It was Rs 1,809 per sq.ft in 2017 and Rs 2,700 per sq.ft in 2012, showing a significant change over the years.

What is the median guideline value in Selaiyur?

The median guideline value in Selaiyur is Rs 2,200 per sq.ft. The guideline value for New Balaji Nagar 2nd Street is above this median.

What are the stamp duty and registration fees for property in New Balaji Nagar 2nd Street?

The stamp duty is calculated at 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 2,61,000.

Which office handles the registration for New Balaji Nagar 2nd Street?

The Selaiyur Sub Registrar Office handles the registration for New Balaji Nagar 2nd Street. It is located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.