Guideline Value for Balaiah Nagar Extn

Balaiah Nagar Extn guideline value

The current guideline value of Balaiah Nagar Extn is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is located in Madipakkam-1 village under the Velacheri SRO and falls under the Residential Class II Type - II land classification.

How the guideline value of Balaiah Nagar Extn has changed

Over the years, the guideline value of Balaiah Nagar Extn has seen significant changes. The 2017 revision set the value at Rs 1,005 per sq.ft, which increased to Rs 1,500 per sq.ft in the 2023 revision. The latest revision in 2024 raised the value further to Rs 1,650 per sq.ft, marking a 10% increase from the previous year. Notably, from 2017 to 2024, the overall increase is 64%.

It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street. The substantial increase from 2017 to 2023 was 49%, reflecting a notable change in the guideline value during that period.

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, with a median value of Rs 2,750 per sq.ft. Balaiah Nagar Extn's 2024 figure is below this median.

• Balaiah Nagar, Brindavan Street: Rs 3,850 per sq.ft (2024)
• Balaiah Nagar, Thilagar Avenue: Rs 3,300 per sq.ft (2024)
• Balaiah Nagar/Balaiah Garden/Kumaran Street: Rs 3,850 per sq.ft (2024)
• Balaiya Garden: Rs 3,850 per sq.ft (2024)
• Balaiah Nagar: Rs 1,650 per sq.ft (2024)
• Balaiya Garden 10th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Balaiah Nagar Extn

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Balaiah Nagar Extn?

The Sub Registrar Office that covers Balaiah Nagar Extn is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For more information, you can find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Madipakkam-1. It is used to determine the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is considered to ensure that the transaction reflects a fair value for tax purposes. This helps in maintaining transparency and accountability in real estate transactions.

Frequently asked questions

What is the current guideline value of Balaiah Nagar Extn?

The current guideline value of Balaiah Nagar Extn is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,005 per sq.ft in 2017 to Rs 1,500 per sq.ft in 2023, and then to Rs 1,650 per sq.ft in 2024. This reflects a 64% increase from 2017 to 2024.

What are the other streets in Madipakkam-1?

Other streets in Madipakkam-1 include Balaiah Nagar, Brindavan Street, Balaiah Nagar, Thilagar Avenue, and Balaiah Nagar/Balaiah Garden/Kumaran Street, among others, with varying guideline values.

What is the stamp duty rate for property transactions?

The stamp duty rate for property transactions in Balaiah Nagar Extn is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Balaiah Nagar Extn?

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