Guideline Value for New Jai Balaji Nagar

New Jai Balaji Nagar guideline value

The current guideline value of New Jai Balaji Nagar is Rs 1,900 per sq.ft, effective from 1 July 2024. This area is located in Selavoyal village under the Madhavaram SRO and is classified as Residential Class III Type - I.

How the guideline value of New Jai Balaji Nagar has changed

The guideline value for New Jai Balaji Nagar has seen several revisions over the years. In 2012, the guideline value was Rs 1,500 per sq.ft. This increased to Rs 1,206 per sq.ft in 2017, marking a decrease of 20%. However, from 2017 to 2023, the value rose significantly to Rs 1,800 per sq.ft, an increase of 49%. The most recent revision in 2024 set the guideline value at Rs 1,900 per sq.ft, reflecting a 6% increase from the previous year.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 27%.

Guideline values in Selavoyal

In Selavoyal, there are 170 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,900 to Rs 3,300 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value for New Jai Balaji Nagar is below this median.

• New Jai Balaji Nagar Extension: Rs 1,900 per sq.ft (2024)
• Nethaji Nagar 1st Street: Rs 1,900 per sq.ft (2024)
• Nehru Street: Rs 1,900 per sq.ft (2024)
• NSK Salai: Rs 2,700 per sq.ft (2024)
• NCL Nagar 2nd Street: Rs 1,900 per sq.ft (2024)
• NCL Nagar 1st Street: Rs 1,900 per sq.ft (2024)

Stamp duty and registration fee for property in New Jai Balaji Nagar

For a 1,000 sq.ft plot at the current rate, the guideline value amounts to Rs 19,00,000. The stamp duty at 7% would be Rs 1,33,000, and the registration fee at 2% would be Rs 38,000, totaling Rs 1,71,000. It is important to note that the 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 more details.

Which Sub Registrar Office covers New Jai Balaji Nagar?

The Sub Registrar Office covering New Jai Balaji Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. For more information, you can find your SRO.

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

The guideline value plays a crucial role during the registration of property transactions in Selavoyal. It is used to determine the stamp duty and registration fees that are payable when buying or selling property in the area.

When a property is registered, the guideline value is assessed to ensure that the transaction reflects the appropriate fees. This ensures compliance with local regulations and helps maintain transparency in property transactions.

Frequently asked questions

What is the current guideline value of New Jai Balaji Nagar?

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,900 per sq.ft in 2024, with various revisions in between, including Rs 1,206 per sq.ft in 2017 and Rs 1,800 per sq.ft in 2023.

What is the land classification for New Jai Balaji Nagar?

New Jai Balaji Nagar is classified as Residential Class III Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for New Jai Balaji Nagar?

The Sub Registrar Office for New Jai Balaji Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for property in New Jai Balaji Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property with a guideline value of Rs 19,00,000, the stamp duty at 7% would be Rs 1,33,000.