Guideline Value for Balaiah Nagar

Balaiah Nagar guideline value

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

How the guideline value of Balaiah Nagar has changed

The guideline value for Balaiah Nagar has seen several revisions over the years. The 2017 revision set the value at Rs 1,005 per sq.ft, which increased to Rs 1,500 per sq.ft in 2023. The most recent revision in 2024 raised the value to Rs 1,650 per sq.ft, marking a 10% increase from the previous year. Notably, there were no figures available for the revisions in 2002, 2003, 2007, and 2012.

When examining the changes, the guideline value increased by 49% from 2017 to 2023 and has risen overall by 64% from 2017 to 2024. These increments reflect the adjustments made in the valuation of properties in this area.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets registered under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for this village is Rs 2,750 per sq.ft, placing Balaiah Nagar's current value below this median.

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

Stamp duty and registration fee for property in Balaiah Nagar

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, totaling Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Balaiah Nagar?

The Sub Registrar Office that covers Balaiah Nagar 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 find your SRO.

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

The guideline value serves as a benchmark for property transactions in Madipakkam-1. When buying or selling property, this value is used to calculate the stamp duty and registration fees that need to be paid at the time of registration.

It is essential for buyers and sellers to be aware of the current guideline value, as it impacts the overall cost of the transaction. Accurate knowledge of these values ensures compliance with local regulations during property transfers.

Frequently asked questions

What is the current guideline value of Balaiah Nagar?

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

How much has the guideline value changed over the years?

The guideline value has increased from Rs 1,005 per sq.ft in 2017 to Rs 1,650 per sq.ft in 2024, showing a total increase of 64% over this period.

What are the stamp duty and registration fees for properties in Balaiah Nagar?

For a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 and the registration fee would be Rs 33,000, totaling Rs 1,48,500.

Which office handles property registrations in Balaiah Nagar?

The Velacheri Sub Registrar Office handles property registrations in Balaiah Nagar, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the median guideline value in Madipakkam-1?

The median guideline value in Madipakkam-1 is Rs 2,750 per sq.ft, which is higher than the current value of Balaiah Nagar.