Guideline Value for Sri Balaji Nagar

Sri Balaji Nagar guideline value

The current guideline value of Sri Balaji Nagar, located in Madambakkam village under the Gooduvancheri SRO, is Rs 1,200 per sq.ft, effective from 1 July 2024. This area is classified as Commercial Special Type - I.

How the guideline value of Sri Balaji Nagar has changed

Over the years, the guideline value for Sri Balaji Nagar has seen several revisions. The 2007 revision set the value at Rs 267 per sq.ft, which increased significantly to Rs 1,200 per sq.ft in the 2012 revision. However, this value decreased by 33% to Rs 804 per sq.ft in the 2017 revision. The 2023 revision maintained the value at Rs 1,200 per sq.ft, which remains unchanged in the 2024 revision.

Notably, the guideline value has increased by 49% from 2017 to 2023, while the overall increase from 2007 to 2024 is a substantial 349%. The register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Madambakkam

In Madambakkam, there are 110 streets under the Gooduvancheri SRO that carry a 2024 guideline value ranging from Rs 800 to Rs 2,000 per sq.ft, with a median of Rs 1,200 per sq.ft. Sri Balaji Nagar's 2024 figure aligns with this median.

• Sri Amman Nagar Extn-I,II,III: Rs 1,200 per sq.ft (2024)
• Sri Amman Nagar: Rs 1,200 per sq.ft (2024)
• Sri Kamakotti Nagar: Rs 1,200 per sq.ft (2024)
• Sri Karumari Amman Nagar: Rs 1,200 per sq.ft (2024)
• Sri Lakshmi Nagar: Rs 1,200 per sq.ft (2024)
• Sivasakthi Nagar: Rs 1,200 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Balaji Nagar

For a 1,000 sq.ft plot at the current rate, the guideline value amounts to Rs 12,00,000. The stamp duty at 7% would be Rs 84,000, and the registration fee at 2% would be Rs 24,000, totaling Rs 1,08,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can also use the stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Sri Balaji Nagar?

The Sub Registrar Office that covers Sri Balaji Nagar is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is an essential factor in the registration process when buying or selling property in Madambakkam. It determines the minimum value at which the property can be registered, ensuring that the transaction is conducted at a legitimate price.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures transparency and compliance with the legal requirements during property transactions.

Frequently asked questions

What is the current guideline value of Sri Balaji Nagar?

The current guideline value of Sri Balaji Nagar is Rs 1,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 267 per sq.ft in 2007 to Rs 1,200 per sq.ft in 2012, then decreasing to Rs 804 per sq.ft in 2017, and returning to Rs 1,200 per sq.ft in 2023 and 2024.

What are the other streets in Madambakkam with the same guideline value?

Other streets in Madambakkam with a guideline value of Rs 1,200 per sq.ft in 2024 include Sri Amman Nagar Extn-I,II,III, Sri Amman Nagar, Sri Kamakotti Nagar, Sri Karumari Amman Nagar, Sri Lakshmi Nagar, and Sivasakthi Nagar.

What is the registration fee for properties in Sri Balaji Nagar?

The registration fee for properties in Sri Balaji Nagar is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 12,00,000, the registration fee would be Rs 24,000 at 2%.

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

The Sub Registrar Office for Sri Balaji Nagar is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone.