Guideline Value for Balaiya Garden 1st Street

Balaiya Garden 1st Street guideline value

The current guideline value of Balaiya Garden 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village, under the Velacheri SRO. The land classification for this area is Residential Class I Type - II.

How the guideline value of Balaiya Garden 1st Street has changed

Over the years, the guideline value of Balaiya Garden 1st Street has seen several revisions. The 2017 revision set the value at Rs 2,010 per sq.ft, which increased to Rs 3,000 per sq.ft in the 2023 revision. The most recent revision in 2024 raised the value further to Rs 3,300 per sq.ft. There are no figures available for the years 2002, 2003, 2007, and 2012 in the register for this street.

From 2017 to 2023, there was a significant increase of 49%, followed by a further increase of 10% from 2023 to 2024. Overall, the guideline value has risen by 64% from 2017 to 2024.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that have 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, making the guideline value of Balaiya Garden 1st Street above the median.

• Balaiya Garden 10th Street: Rs 3,300 per sq.ft (2024)
• Balaiya Garden 2nd Street: Rs 3,300 per sq.ft (2024)
• Balaiya Garden: Rs 3,850 per sq.ft (2024)
• Balaiya Garden 3rd Street: Rs 3,300 per sq.ft (2024)
• Balaiah Nagar,Thilagar Avenue: Rs 3,300 per sq.ft (2024)
• Balaiya Garden 4th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Balaiya Garden 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, making the total fees together Rs 2,97,000. Please note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Balaiya Garden 1st Street?

The Sub Registrar Office that covers Balaiya Garden 1st 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 an important factor in property transactions in Madipakkam-1, as it determines the minimum value at which properties can be registered. When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, ensuring that the transaction is recorded accurately.

Frequently asked questions

What is the current guideline value of Balaiya Garden 1st Street?

The current guideline value of Balaiya Garden 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2017, the guideline value has increased from Rs 2,010 per sq.ft to Rs 3,300 per sq.ft in 2024. This represents an overall increase of 64% over the seven years.

What is the land classification for Balaiya Garden 1st Street?

The land classification for Balaiya Garden 1st Street is Residential Class I Type - II, indicating its suitability for residential development.

Where can I find the registration office for Balaiya Garden 1st Street?

The registration office for Balaiya Garden 1st Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the stamp duty calculated for properties in Balaiya Garden 1st Street?

The stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is also applicable.