Guideline Value for Balaiya Garden 4th Street

Balaiya Garden 4th Street guideline value

The current guideline value of Balaiya Garden 4th 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 4th Street has changed

The guideline value for Balaiya Garden 4th Street has seen several revisions over the years. The 2017 revision set the value at Rs 2,010 per sq.ft. This increased significantly to Rs 3,000 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 raised 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 figures available for the years 2002, 2003, 2007, and 2012 in the register for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft as per the 2024 revision. The median guideline value in this village is Rs 2,750 per sq.ft, placing Balaiya Garden 4th Street's 2024 figure above that median.

• Balaiya Garden 3rd Street: Rs 3,300 per sq.ft (2024)
• Balaiya Garden 5th Street: Rs 3,300 per sq.ft (2024)
• Balaiya Garden 2nd Street: Rs 3,300 per sq.ft (2024)
• Balaiya Garden 6th Street: Rs 3,300 per sq.ft (2024)
• Balaiya Garden 1st Street: Rs 3,300 per sq.ft (2024)
• Balaiya Garden 7th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Balaiya Garden 4th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost to Rs 2,97,000. It is essential to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Balaiya Garden 4th Street?

The Sub Registrar Office that covers Balaiya Garden 4th 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 plays a critical role in the registration process when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When a property is sold, the guideline value is used to assess the applicable stamp duty and registration fees. Buyers should be aware that these costs are calculated based on the higher of the guideline value or the actual sale price, which can significantly impact the total expenses involved in the transaction.

Frequently asked questions

What is the current guideline value of Balaiya Garden 4th Street?

The current guideline value of Balaiya Garden 4th 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 3,000 per sq.ft in 2023, and then to Rs 3,300 per sq.ft in 2024. This represents an overall increase of 64% from 2017 to 2024.

What is the median guideline value in Madipakkam-1?

The median guideline value in Madipakkam-1 is Rs 2,750 per sq.ft as per the 2024 revision. Balaiya Garden 4th Street's guideline value is above this median.

What is the stamp duty rate for properties in Balaiya Garden 4th Street?

The stamp duty rate for properties in Balaiya Garden 4th Street is 7% of the guideline value or the sale price, whichever is higher.

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. This office handles registrations for properties in the area.