Guideline Value for Sri Balaji Nagar

Sri Balaji Nagar guideline value

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

How the guideline value of Sri Balaji Nagar has changed

Since the earliest revision in 2003, the guideline value for Sri Balaji Nagar has seen significant changes. In 2003, the guideline value was Rs 30 per sq.ft, which rose dramatically to Rs 300 per sq.ft in 2007. Following that, it increased to Rs 400 per sq.ft in 2012, but then dropped to Rs 268 per sq.ft in 2017. The value then increased to Rs 400 per sq.ft in 2023, before reaching the current rate of Rs 440 per sq.ft in 2024, marking a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 1367%. The register has no figure for the year 2002 for this street.

Guideline values in Palavayal

In Palavayal, there are 22 streets under the Redhills SRO that have a 2024 guideline value ranging from Rs 275 to Rs 1,200 per sq.ft. The median value for these streets is Rs 440 per sq.ft, which is equal to the current guideline value for Sri Balaji Nagar.

• Sri Ganesh Balaji Avenue: Rs 440 per sq.ft (2024)
• Sothupakkam Road: Rs 440 per sq.ft (2024)
• Sri Raghavan Nagar: Rs 440 per sq.ft (2024)
• Sri Ram Nagar Phase-2: Rs 880 per sq.ft (2024)
• Vaanamamalai Nagar: Rs 275 per sq.ft (2024)
• Raghavan Nagar: Rs 440 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, while the registration fee at 2% would be Rs 8,800. Together, the total cost for these fees would be 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 our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Sri Balaji Nagar?

The Sub Registrar Office that covers Sri Balaji Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. For more information, you can find your SRO.

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

The guideline value plays a crucial role during the registration of property transactions in Palavayal. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official records.

When buying or selling property, both the buyer and seller must be aware of the guideline value, as it directly influences the stamp duty and registration fees payable. This ensures transparency and compliance with local regulations during the transaction 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 changed significantly from Rs 30 per sq.ft in 2003 to Rs 440 per sq.ft in 2024, showing an overall increase of 1367% over the years.

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

Other streets in Palavayal with a 2024 guideline value of Rs 440 per sq.ft include Sri Ganesh Balaji Avenue, Sothupakkam Road, Sri Raghavan Nagar, and Raghavan Nagar.

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

The registration fee for property in Sri Balaji Nagar is calculated at 2% of the guideline value. For a plot valued at Rs 4,40,000, the registration fee would be Rs 8,800.

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

The Sub Registrar Office for Sri Balaji Nagar is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.