Guideline Value for Sri Balaji Nagar

Sri Balaji Nagar guideline value

The current guideline value of Sri Balaji Nagar is Rs 440 per sq.ft, effective from 1 July 2024. This area is located in Erumaiyur village, under the Padappai SRO, and is classified as Residential Class II Type - I.

How the guideline value of Sri Balaji Nagar has changed

The guideline value for Sri Balaji Nagar has undergone several revisions over the years. In 2012, the value was set at Rs 400 per sq.ft, which then decreased to Rs 268 per sq.ft in 2017. Following this, the value increased significantly to Rs 400 per sq.ft in 2023, and most recently, it rose to Rs 440 per sq.ft in 2024, marking a 10% increase from the previous year. It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, the guideline value decreased by 33%, while from 2017 to 2023, it saw a substantial increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Erumaiyur

In Erumaiyur, there are 21 streets under the Padappai SRO with a 2024 guideline value ranging from Rs 440 to Rs 4,300 per sq.ft. The median value for these streets is Rs 940 per sq.ft, indicating that the guideline value for Sri Balaji Nagar is below this median.

• Sobha Blossom: Rs 4,300 per sq.ft (2024)
• Sri Varadhapuri Nagar: Rs 940 per sq.ft (2024)
• Sastha Garden: Rs 440 per sq.ft (2024)
• Tambaram - Pazhanthandalam Road: Rs 550 per sq.ft (2024)
• Tambaram Somangalam Road (Royal Enclave): Rs 2,200 per sq.ft (2024)
• Royal Enclave: Rs 2,200 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 guideline value of Rs 440 per sq.ft, the total guideline value would be Rs 4,40,000. The stamp duty at 7% would amount to Rs 30,800, and the registration fee at 2% would be Rs 8,800, bringing the total charges to Rs 39,600. 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 information.

Which Sub Registrar Office covers Sri Balaji Nagar?

Sri Balaji Nagar falls under the Padappai Sub Registrar Office located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when buying or selling property in Erumaiyur, as it determines the minimum value at which a property can be registered. Buyers should be aware that the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher.

When a property transaction takes place, the guideline value ensures transparency and helps in assessing the appropriate taxes that need to be paid. It is essential for both buyers and sellers to understand this value to facilitate a smooth registration process.

Frequently asked questions

What is the current guideline value of Sri Balaji Nagar?

The current guideline value of Sri Balaji Nagar is Rs 440 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, with the most recent increase from Rs 400 per sq.ft in 2023 to Rs 440 per sq.ft in 2024. The value was Rs 268 per sq.ft in 2017 and Rs 400 per sq.ft in 2012.

What is the classification of land in Sri Balaji Nagar?

Sri Balaji Nagar is classified as Residential Class II Type - I, indicating its suitability for residential purposes.

Where can I find the registration office for Sri Balaji Nagar?

The registration office for Sri Balaji Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is stamp duty calculated for properties in Sri Balaji Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% applies, which is also based on the guideline value.