Guideline Value for Sri Balaji Nagar

Sri Balaji Nagar guideline value

The current guideline value of Sri Balaji Nagar, located in Kolapakkam village under the Pammal SRO, is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class IV Type - I.

How the guideline value of Sri Balaji Nagar has changed

The guideline value for Sri Balaji Nagar has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 1,650 per sq.ft, an increase from Rs 1,500 per sq.ft in the 2023 revision. This marks a 10% increase from the previous year. Looking back further, the 2017 revision recorded a guideline value of Rs 1,005 per sq.ft. This indicates a significant increase of 49% from 2017 to 2023, and an overall increase of 64% from 2017 to 2024.

It is important to note that there are no guideline value figures available for Sri Balaji Nagar for the years 2002, 2003, 2007, and 2012. This lack of data means that the changes in value during those years cannot be assessed.

Guideline values in Kolapakkam

In Kolapakkam, there are 111 streets under the Pammal SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 6,850 per sq.ft, with a median value of Rs 2,200 per sq.ft. Sri Balaji Nagar's 2024 figure is below this median.

• Sri Arunagiriyar Street: Rs 1,650 per sq.ft (2024)
• Sri Amman Nagar: Rs 1,650 per sq.ft (2024)
• Sri Dhalakshmi Nagar: Rs 3,740 per sq.ft (2024)
• Sree Kanniyammal Garden Layout: Rs 1,980 per sq.ft (2024)
• Sri Ganesh Nagar: Rs 2,750 per sq.ft (2024)
• Sri Mahalakshmi Nagar: Rs 2,750 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 guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, making the total cost for stamp duty and registration fees Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Balaji Nagar?

The Sub Registrar Office that covers Sri Balaji Nagar is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kolapakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented accurately.

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 that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Sri Balaji Nagar?

The current guideline value of Sri Balaji Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased from Rs 1,005 per sq.ft in 2017 to Rs 1,650 per sq.ft in 2024, marking an overall increase of 64% over this period.

What are the stamp duty and registration fees for a property in Sri Balaji Nagar?

For a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500, and the registration fee would be Rs 33,000, totaling Rs 1,48,500.

Which Sub Registrar Office covers Sri Balaji Nagar?

The Pammal Sub Registrar Office covers Sri Balaji Nagar, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

What is the land classification of Sri Balaji Nagar?

Sri Balaji Nagar is classified as Residential Class IV Type - I, indicating its designation for residential use within the area.