Guideline Value for Balaiah Garden, Andal Street

Balaiah Garden, Andal Street guideline value

The current guideline value of Balaiah Garden, Andal Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This property is located in Madipakkam-1 village, under the Velacheri SRO, and falls under the Residential Class I Type - I land classification.

How the guideline value of Balaiah Garden, Andal Street has changed

The guideline value for Balaiah Garden, Andal Street has seen significant changes over the years. The 2017 revision set the value at Rs 2,345 per sq.ft, which increased to Rs 3,500 per sq.ft in the 2023 revision, marking a 49% rise. The latest revision in 2024 has further increased the guideline value to Rs 3,850 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has risen by 64%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 in the register for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,750 per sq.ft, placing Balaiah Garden, Andal Street's 2024 figure above the median.

• Balaiah Garden / Bazaar Road: Rs 5,500 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, Andal Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty, charged at 7%, would amount to Rs 2,69,500, while the registration fee at 2% would be Rs 77,000. Together, the total cost for these fees would be Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Balaiah Garden, Andal Street?

The Sub Registrar Office that covers Balaiah Garden, Andal Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

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

The guideline value plays a crucial role in property transactions in Madipakkam-1, as it is the basis for calculating stamp duty and registration fees during the sale or purchase of property. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations and to understand the financial implications of their transactions.

When registering a property, the guideline value is used to determine the minimum value at which the property can be registered. This ensures that all transactions are recorded at a value that reflects the current market conditions as set by the Registration Department.

Frequently asked questions

What is the current guideline value of Balaiah Garden, Andal Street?

The current guideline value of Balaiah Garden, Andal Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since the 2017 revision, the guideline value has increased from Rs 2,345 per sq.ft to Rs 3,850 per sq.ft in 2024, which is a total increase of 64% over this period.

What is the land classification for Balaiah Garden, Andal Street?

Balaiah Garden, Andal Street falls under the Residential Class I Type - I land classification.

Where can I find more information about the Velacheri Sub Registrar Office?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. More information can be found by visiting the official website.

How is stamp duty calculated for properties in Balaiah Garden, Andal Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 38,50,000 would incur a stamp duty of Rs 2,69,500.