Guideline Value for PAUL RAJ NAGAR (BALAJI NAGAR)

Paul Raj Nagar (Balaji Nagar) guideline value

The current guideline value of Paul Raj Nagar (Balaji Nagar) is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Palavakkam village and falls under the Neelankarai SRO. The land classification for this locality is Residential Class IV Type - I.

How the guideline value of Paul Raj Nagar (Balaji Nagar) has changed

The guideline value for Paul Raj Nagar (Balaji Nagar) has undergone several revisions over the years. In 2002, the value was Rs 115 per sq.ft, which increased to Rs 129 per sq.ft in 2003. The value saw a significant rise to Rs 250 per sq.ft in 2007, followed by a notable increase to Rs 2,000 per sq.ft in 2012. However, there was a decrease to Rs 1,340 per sq.ft in 2017. The value then rose to Rs 2,000 per sq.ft in 2023, and currently stands at Rs 2,200 per sq.ft as of the 2024 revision.

Between the revisions, the changes are as follows: from 2002 to 2003, there was an increase of 12%. The jump from 2003 to 2007 was 94%, while the rise from 2007 to 2012 was 700%. The value decreased by 33% from 2012 to 2017, followed by a 49% increase from 2017 to 2023. Finally, there was a 10% increase from 2023 to 2024. Overall, the guideline value has increased by 1,813% from 2002 to 2024.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO with a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing Paul Raj Nagar (Balaji Nagar) below this median.

• Pasumpon Street: Rs 1,700 per sq.ft (2024)
• Panchayat Street: Rs 3,900 per sq.ft (2024)
• Periyiar Salai: Rs 3,300 per sq.ft (2024)
• Palkalai Nagar/University Colony: Rs 4,400 per sq.ft (2024)
• Palkalai Nagar Avenue Road: Rs 4,400 per sq.ft (2024)
• Palkalai Nagar Avenue 9th Cross Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Paul Raj Nagar (Balaji Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Paul Raj Nagar (Balaji Nagar)?

The Sub Registrar Office that covers Paul Raj Nagar (Balaji Nagar) is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Palavakkam. It serves as a benchmark for determining the value of the property and is used to calculate the stamp duty and registration fees. This ensures that the transaction is recorded at a value that reflects the official guideline set by the authorities.

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 means that understanding the guideline value is essential for both buyers and sellers to ensure compliance with legal requirements during the property transaction.

Frequently asked questions

What is the current guideline value of Paul Raj Nagar (Balaji Nagar)?

The current guideline value of Paul Raj Nagar (Balaji Nagar) is Rs 2,200 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 115 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 1,813% over the years.

What is the land classification for Paul Raj Nagar (Balaji Nagar)?

Paul Raj Nagar (Balaji Nagar) is classified as Residential Class IV Type - I according to the land classification standards.

What are the other streets in Palavakkam with their guideline values?

Other streets in Palavakkam include Pasumpon Street at Rs 1,700 per sq.ft, Panchayat Street at Rs 3,900 per sq.ft, and Periyiar Salai at Rs 3,300 per sq.ft, among others.

Where can I find the Sub Registrar Office for Paul Raj Nagar (Balaji Nagar)?

The Neelankarai Sub Registrar Office covers Paul Raj Nagar (Balaji Nagar) and is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.