Guideline Value for Balaiya Garden 2nd Street

Balaiya Garden 2nd Street guideline value

The current guideline value of Balaiya Garden 2nd 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, classified as Residential Class I Type - II.

How the guideline value of Balaiya Garden 2nd Street has changed

The guideline value for Balaiya Garden 2nd Street has seen several revisions over the years. The earliest recorded revision is from 2017, which set the value at Rs 2,010 per sq.ft. This figure increased to Rs 3,000 per sq.ft in the 2023 revision, marking a significant rise of 49%. The latest revision in 2024 has further increased the guideline value to Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year.

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

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 guideline value for these streets is Rs 2,750 per sq.ft, positioning Balaiya Garden 2nd Street above this median.

• Balaiya Garden 1st Street: Rs 3,300 per sq.ft (2024)
• Balaiya Garden 3rd Street: Rs 3,300 per sq.ft (2024)
• Balaiya Garden 10th Street: Rs 3,300 per sq.ft (2024)
• Balaiya Garden 4th Street: Rs 3,300 per sq.ft (2024)
• Balaiya Garden: Rs 3,850 per sq.ft (2024)
• Balaiya Garden 5th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Balaiya Garden 2nd 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, bringing the total cost for these fees to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Balaiya Garden 2nd Street?

The Sub Registrar Office that covers Balaiya Garden 2nd Street 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 is a crucial factor during the registration of property transactions in Madipakkam-1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring compliance with local regulations.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price of the property.

Frequently asked questions

What is the current guideline value of Balaiya Garden 2nd Street?

The current guideline value of Balaiya Garden 2nd Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 2,010 per sq.ft in 2017 to Rs 3,300 per sq.ft in 2024, reflecting a total increase of 64% over this period.

What are the stamp duty and registration fees for properties in Balaiya Garden 2nd Street?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which office handles property registrations for Balaiya Garden 2nd Street?

The Velacheri Sub Registrar Office handles property registrations for Balaiya Garden 2nd Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the minimum registration value for properties and is essential for calculating applicable stamp duty and registration fees during property transactions.