Guideline Value for SRI BALAJI NAGAR (S.NO.226)

Sri Balaji Nagar (S.No.226) guideline value

The current guideline value for Sri Balaji Nagar (S.No.226) is Rs 5,400 per sq.ft, effective from 1 July 2024. This street is located in Padi village and falls under the Villivakkam SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Sri Balaji Nagar (S.No.226) has changed

The guideline value for Sri Balaji Nagar has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 333 per sq.ft. This increased to Rs 375 per sq.ft in 2003, marking a 13% rise. In 2007, the value jumped significantly to Rs 1,650 per sq.ft, reflecting a 340% increase. The 2012 revision saw a decrease to Rs 5,000 per sq.ft, a decline of 33%. However, the value rose again to Rs 3,350 per sq.ft in 2017, which was a 49% increase from the previous figure.

In the 2023 revision, the guideline value was set at Rs 5,000 per sq.ft, and the latest revision in 2024 brought it to Rs 5,400 per sq.ft, marking an 8% increase. Overall, from 2002 to 2024, the guideline value has increased by 1,522%.

Guideline values in Padi

In Padi village, there are 354 streets under the Villivakkam SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 13,200 per sq.ft, with a median value of Rs 3,800 per sq.ft. Sri Balaji Nagar's current guideline value is above this median.

• Sri Krishna Appartments (Officers Colony): Rs 6,600 per sq.ft (2024)
• South Mada Street 'moorthysamy Colony 3rd Street': Rs 4,400 per sq.ft (2024)
• South Mada Street 'moorthysamy Colony 2nd Street': Rs 4,400 per sq.ft (2024)
• South Mada Street 'moorthysamy Colony 1st Street': Rs 4,400 per sq.ft (2024)
• South Mada Street 'bharathi Nagar': Rs 4,400 per sq.ft (2024)
• South Mada Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Balaji Nagar (S.No.226)

For a 1,000 sq.ft plot at the current guideline value of Rs 5,400 per sq.ft, the total guideline value would be Rs 54,00,000. The stamp duty at 7% would amount to Rs 3,78,000, and the registration fee at 2% would be Rs 1,08,000, bringing the total to Rs 4,86,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sri Balaji Nagar (S.No.226)?

The Sub Registrar Office that covers Sri Balaji Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in the registration process of property transactions in Padi. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must be aware of the guideline value to ensure compliance with local regulations during the transaction.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the government receives the correct revenue based on the property's value as determined by the guideline value register.

Frequently asked questions

What is the current guideline value of Sri Balaji Nagar?

The current guideline value for Sri Balaji Nagar (S.No.226) is Rs 5,400 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 333 per sq.ft in 2002 to Rs 5,400 per sq.ft in 2024, representing an overall increase of 1,522%.

What is the land classification for Sri Balaji Nagar?

Sri Balaji Nagar is classified as Residential Class III Type - I, which indicates its use for residential purposes.

What are the stamp duty rates applicable in Sri Balaji Nagar?

The stamp duty rate applicable in Sri Balaji Nagar is 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher.

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

The Sub Registrar Office for Sri Balaji Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.