Guideline Value for New Balaji Nagar 3rd Street

New Balaji Nagar 3rd Street guideline value

The current guideline value of New Balaji Nagar 3rd Street is Rs 2,900 per sq.ft. This street is located in Selaiyur village, under the Selaiyur Sub Registrar Office (SRO), and is classified as Residential Special Type - I.

How the guideline value of New Balaji Nagar 3rd Street has changed

The guideline value for New Balaji Nagar 3rd Street has undergone several revisions over the years. In 2012, the guideline value was recorded at Rs 2,700 per sq.ft. This figure remained unchanged until the next revision in 2017, where it decreased to Rs 1,809 per sq.ft, reflecting a decline of 33%. However, the guideline value saw a significant increase in the subsequent revisions, rising to Rs 2,700 per sq.ft in 2023 and further to Rs 2,900 per sq.ft in the 2024 revision, marking a 49% increase from 2017 to 2023 and a 7% increase from 2023 to 2024.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 7%.

Guideline values in Selaiyur

In Selaiyur, there are 478 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 850 to Rs 6,500 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value of New Balaji Nagar 3rd Street is above this median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,900 per sq.ft, the total guideline value would be Rs 29,00,000. The stamp duty, charged at 7%, would amount to Rs 2,03,000, and the registration fee, charged at 2%, would be Rs 58,000. Together, the total cost for stamp duty and registration fee would be 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 detailed calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers New Balaji Nagar 3rd Street?

The Sub Registrar Office that covers New Balaji Nagar 3rd 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. This value is essential for calculating the stamp duty and registration fees that are applicable during the transaction.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation. Buyers and sellers must be aware of the current guideline value to ensure compliance with registration requirements and to accurately calculate the associated costs.

Frequently asked questions

What is the current guideline value of New Balaji Nagar 3rd Street?

The current guideline value of New Balaji Nagar 3rd 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. It was Rs 1,809 per sq.ft in 2017, showing a significant increase over the years.

What is the land classification for New Balaji Nagar 3rd Street?

New Balaji Nagar 3rd Street is classified as Residential Special Type - I, which indicates its designated use for residential purposes.

Where is the Selaiyur Sub Registrar Office located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is the stamp duty calculated for properties in New Balaji Nagar 3rd Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 29,00,000, the stamp duty would be Rs 2,03,000 at a rate of 7%.