Guideline Value for Balaiya Garden 3rd Street

Balaiya Garden 3rd Street guideline value

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

How the guideline value of Balaiya Garden 3rd Street has changed

In the 2017 revision, the guideline value was Rs 2,010 per sq.ft. This increased to Rs 3,000 per sq.ft in the 2023 revision, marking a significant rise of 49%. The current 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 the register has no figures 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 guideline value for these streets is Rs 2,750 per sq.ft, placing Balaiya Garden 3rd Street's 2024 figure above this median.

• Balaiya Garden 2nd Street: Rs 3,300 per sq.ft (2024)
• Balaiya Garden 4th Street: Rs 3,300 per sq.ft (2024)
• Balaiya Garden 1st Street: Rs 3,300 per sq.ft (2024)
• Balaiya Garden 5th Street: Rs 3,300 per sq.ft (2024)
• Balaiya Garden 10th Street: Rs 3,300 per sq.ft (2024)
• Balaiya Garden 6th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Balaiya Garden 3rd 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 to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Balaiya Garden 3rd Street?

The Sub Registrar Office that covers Balaiya Garden 3rd 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 additional information.

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

The guideline value is a critical factor during the registration process when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is used to calculate the applicable fees, ensuring that both the buyer and seller adhere to the legal requirements set forth by the registration department.

Frequently asked questions

What is the current guideline value of Balaiya Garden 3rd Street?

The current guideline value of Balaiya Garden 3rd 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 changed from Rs 2,010 per sq.ft in 2017 to Rs 3,300 per sq.ft in 2024, which is a total increase of 64% over this period.

What are the guideline values of other streets in Madipakkam-1?

Other streets in Madipakkam-1 have a 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.

What fees are involved in buying property in Balaiya Garden 3rd Street?

When buying property in Balaiya Garden 3rd Street, the fees include a stamp duty of 7% and a registration fee of 2% based on the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Balaiya Garden 3rd Street?

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