Guideline Value for Balaiah Garden / Bazaar Road

Balaiah Garden / Bazaar Road guideline value

The current guideline value of Balaiah Garden / Bazaar Road is Rs 5,500 per sq.ft, effective from 1 July 2024. This area falls under the Madipakkam-1 village and is registered with the Velacheri SRO. The land classification for this street is Commercial Class I Type - I.

How the guideline value of Balaiah Garden / Bazaar Road has changed

The guideline value for Balaiah Garden / Bazaar Road has undergone several revisions over the years. In the 2017 revision, the value was set at Rs 3,350 per sq.ft. This figure increased to Rs 5,000 per sq.ft in the 2023 revision, marking a significant rise of 49%. The most recent 2024 revision has further increased the guideline value to Rs 5,500 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. Notably, the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for this area is Rs 2,750 per sq.ft, placing Balaiah Garden / Bazaar Road's 2024 figure above that median.

• Balaiah Garden, Andal Street: Rs 3,850 per sq.ft (2024)
• Balaiah Garden, Brindavan Street: Rs 3,850 per sq.ft (2024)
• Balaiah Garden, Brindavan Street, Srinivasa Nagar: Rs 3,850 per sq.ft (2024)
• Balaiah Garden, Raghavendra 1st Street: Rs 3,850 per sq.ft (2024)
• Balaiah Garden Thilagar Avenue 2nd Street: Rs 3,850 per sq.ft (2024)
• Balaiah Garden Thilagar Avenue 6th Cross Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Balaiah Garden / Bazaar Road

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty, charged at 7%, would amount to Rs 3,85,000, while the registration fee at 2% would be Rs 1,10,000. Together, these fees would total Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Balaiah Garden / Bazaar Road?

The Sub Registrar Office that covers Balaiah Garden / Bazaar Road is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your specific SRO, you can visit find your SRO.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the minimum value on which stamp duty and registration fees are calculated at the time of property registration.

When a property transaction occurs, the guideline value ensures that the transaction is registered at a price that reflects the current market conditions as determined by the Registration Department. This process helps maintain transparency and fairness in property dealings.

Frequently asked questions

What is the current guideline value of Balaiah Garden / Bazaar Road?

The current guideline value of Balaiah Garden / Bazaar Road is Rs 5,500 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed from Rs 3,350 per sq.ft in 2017 to Rs 5,500 per sq.ft in 2024, representing a total increase of 64% over this period.

What is the land classification for Balaiah Garden / Bazaar Road?

The land classification for Balaiah Garden / Bazaar Road is Commercial Class I Type - I.

Where can I find the Velacheri Sub Registrar Office?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 55,00,000 would incur a stamp duty of Rs 3,85,000.