Guideline Value for Sri Balaji nagar

Sri Balaji nagar guideline value

The current guideline value of Sri Balaji nagar, located in Vallam village, is Rs 850 per sq.ft, effective from 1 July 2024. This area falls under the Chengleput Joint I SRO and is classified as Residential Class I Type - I.

How the guideline value of Sri Balaji nagar has changed

The guideline value of Sri Balaji nagar has seen several revisions over the years. In 2007, the guideline value was Rs 185 per sq.ft, which increased significantly to Rs 850 per sq.ft in 2012. This was a remarkable increase of 359%. However, from 2012 to 2017, the value dropped to Rs 569 per sq.ft, marking a decrease of 33%. The value then rose to Rs 850 per sq.ft in 2023, remaining unchanged in the 2024 revision.

From 2017 to 2023, the guideline value increased by 49%, and overall, from 2007 to 2024, the increase is also 359%. The revisions for the years 2002 and 2003 do not have any figures for this street in the register.

Guideline values in Vallam

In Vallam, there are 30 streets under the Chengleput Joint I SRO, with 2024 guideline values ranging from Rs 750 to Rs 1,000 per sq.ft. The median value for these streets is Rs 1,000 per sq.ft, placing Sri Balaji nagar's 2024 guideline value below that median.

• Sri AathiBakavathi Nagar: Rs 800 per sq.ft (2024)
• Sree Nagar: Rs 850 per sq.ft (2024)
• Shanthi Nagar: Rs 1,000 per sq.ft (2024)
• Sri Ram Nagar: Rs 1,000 per sq.ft (2024)
• Selvam Nagar: Rs 800 per sq.ft (2024)
• School Street: Rs 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 850 per sq.ft, the total guideline value amounts to Rs 8,50,000. The stamp duty at 7% would be Rs 59,500, and the registration fee at 2% would be Rs 17,000, bringing the total cost for these fees to Rs 76,500. Please note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sri Balaji nagar?

The Sub Registrar Office that covers Sri Balaji nagar is the Chengleput Joint I Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during property transactions in Vallam, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations and to calculate the applicable stamp duty and registration fees.

When a property is sold, the guideline value is used to assess the transaction value for taxation purposes. It is important to note that the stamp duty is charged based on the higher of the guideline value or the sale price, ensuring that the government receives appropriate revenue from 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 850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, with the most recent revision in 2024 maintaining the value at Rs 850 per sq.ft, unchanged from 2023. The value has increased by 359% since 2007.

What is the land classification of Sri Balaji nagar?

Sri Balaji nagar is classified as Residential Class I Type - I, indicating its suitability for residential development.

Where can I find the Chengleput Joint I SRO?

The Chengleput Joint I Sub Registrar Office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002. This office handles registrations for properties in Sri Balaji nagar.

How is the stamp duty calculated for properties in Sri Balaji nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a plot of 1,000 sq.ft at the current guideline value would incur a stamp duty of Rs 59,500.