Guideline Value for Balaiah Nagar/Balaiah Garden/Kumaran Street

Balaiah Nagar/Balaiah Garden/Kumaran Street guideline value

The current guideline value for Balaiah Nagar/Balaiah Garden/Kumaran Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village, under the Velacheri SRO, and is classified as Residential Class I Type - I.

How the guideline value of Balaiah Nagar/Balaiah Garden/Kumaran Street has changed

The guideline value for this street has seen significant changes over the years. In the 2017 revision, the value was Rs 2,345 per sq.ft, which increased to Rs 3,500 per sq.ft in the 2023 revision, marking a 49% rise. The most recent 2024 revision has set the value at Rs 3,850 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2017 to 2024, the guideline value has risen by 64%. It is important to note that there are no figures available for the revisions in 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 a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, positioning Balaiah Nagar/Balaiah Garden/Kumaran Street above this median.

• Balaiah Nagar: Rs 1,650 per sq.ft (2024)
• Balaiah Nagar, Brindavan Street: Rs 3,850 per sq.ft (2024)
• Balaiah Gardern, Venkatramanan Street: Rs 3,850 per sq.ft (2024)
• Balaiah Nagar Extn: Rs 1,650 per sq.ft (2024)
• Balaiah Gardern, Thilagar Avenue: Rs 3,850 per sq.ft (2024)
• Balaiah Nagar, Thilagar Avenue: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Balaiah Nagar/Balaiah Garden/Kumaran 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 at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total to Rs 3,46,500. It is important to note that the stamp 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 accurate calculations.

Which Sub Registrar Office covers Balaiah Nagar/Balaiah Garden/Kumaran Street?

The Sub Registrar Office that covers Balaiah Nagar/Balaiah Garden/Kumaran 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 information.

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, as it determines the amount of stamp duty and registration fees payable during the transaction. Buyers and sellers must consider this value to ensure compliance with local regulations and to avoid any legal issues.

When a property is registered, the guideline value serves as a benchmark for the transaction, ensuring that the sale price reflects the market standards set by the authorities. This helps maintain transparency in property dealings and protects the interests of both buyers and sellers.

Frequently asked questions

What is the current guideline value for Balaiah Nagar/Balaiah Garden/Kumaran Street?

The current guideline value for Balaiah Nagar/Balaiah Garden/Kumaran Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

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

What is the median guideline value for streets in Madipakkam-1?

The median guideline value for streets in Madipakkam-1 is Rs 2,750 per sq.ft, with Balaiah Nagar/Balaiah Garden/Kumaran Street positioned above this median.

What are the stamp duty and registration fees for property transactions?

The stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. For example, a property valued at Rs 38,50,000 would incur a stamp duty of Rs 2,69,500 and a registration fee of Rs 77,000.

Which office handles registrations for Balaiah Nagar/Balaiah Garden/Kumaran Street?

The Velacheri Sub Registrar Office is responsible for registrations in this area, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.