Guideline Value for SHRI BALAJI NAGAR

Shri Balaji Nagar guideline value

The current guideline value of Shri Balaji Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024. This area is located in Pallikaranai village and falls under the Chennai South Joint I SRO. The land classification for this street is Residential Class IV Type - II.

How the guideline value of Shri Balaji Nagar has changed

The guideline value for Shri Balaji Nagar has seen several revisions over the years. In 2002, the value was Rs 115 per sq.ft, which increased to Rs 136 per sq.ft in 2003, marking an 18% rise. Following this, the value surged dramatically to Rs 900 per sq.ft in 2007, reflecting a significant increase of 562%. The 2012 revision saw a decrease to Rs 1,200 per sq.ft, which was a drop of 33%. The value then fell further to Rs 804 per sq.ft in 2017, before rising again to the current rate of Rs 1,320 per sq.ft in 2024, which is a 64% increase from 2017.

It is important to note that there is no figure available for the year 2023 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 1048%.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO, with guideline values in 2024 ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, making the current value of Shri Balaji Nagar below this median.

• Shri Ayya Nagar: Rs 1,320 per sq.ft (2024)
• Shri Angala Parameswari Nagar Extn.: Rs 1,320 per sq.ft (2024)
• Shridharan V Nagar: Rs 2,200 per sq.ft (2024)
• Shri Ambal Nagar /Extn: Rs 1,980 per sq.ft (2024)
• Shri Ganapathi Nagar: Rs 1,320 per sq.ft (2024)
• Shri Jaya Anjenayar Nagar: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Shri Balaji Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value would be Rs 13,20,000. The stamp duty at 7% would amount to Rs 92,400, and the registration fee at 2% would be Rs 26,400, bringing the total fees together to Rs 1,18,800. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Shri Balaji Nagar?

The Sub Registrar Office that covers Shri Balaji Nagar is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value is a critical component in the property registration process in Pallikaranai. When buying or selling a property, the guideline value is used to determine the stamp duty and registration fees, ensuring that these costs are based on a standardized valuation.

It is essential for buyers and sellers to be aware of the current guideline value as it directly impacts the financial obligations during the registration process. This value serves as a benchmark for transactions, ensuring transparency and consistency in property dealings.

Frequently asked questions

What is the current guideline value of Shri Balaji Nagar?

The current guideline value of Shri Balaji Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 115 per sq.ft in 2002 to Rs 1,320 per sq.ft in 2024, marking an overall increase of 1048%.

What is the land classification for Shri Balaji Nagar?

Shri Balaji Nagar is classified as Residential Class IV Type - II, indicating its designation for residential use.

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

The Sub Registrar Office for Shri Balaji Nagar is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current rate would incur a total fee of Rs 1,18,800.