Guideline Value for Balaiya Garden 5th Street

Balaiya Garden 5th Street guideline value

The current guideline value of Balaiya Garden 5th 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 5th Street has changed

The guideline value for Balaiya Garden 5th Street has undergone several revisions over the years. The 2017 revision set the value at Rs 2,010 per sq.ft. In 2023, it increased to Rs 3,000 per sq.ft, marking a significant rise of 49%. The most recent revision in 2024 saw another increase to Rs 3,300 per sq.ft, representing a 10% change from the previous year. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%, reflecting the changes in property valuation over this period.

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 this area is Rs 2,750 per sq.ft, placing Balaiya Garden 5th Street above this median value.

• Balaiya Garden 4th Street: Rs 3,300 per sq.ft (2024)
• Balaiya Garden 6th Street: Rs 3,300 per sq.ft (2024)
• Balaiya Garden 3rd Street: Rs 3,300 per sq.ft (2024)
• Balaiya Garden 7th Street: Rs 3,300 per sq.ft (2024)
• Balaiya Garden 2nd Street: Rs 3,300 per sq.ft (2024)
• Balaiya Garden 8th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Balaiya Garden 5th 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 or the sale price.

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

Which Sub Registrar Office covers Balaiya Garden 5th Street?

The Balaiya Garden 5th Street falls under the jurisdiction of the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role during property transactions in Madipakkam-1. It is used to determine the stamp duty and registration fees that must be paid when buying or selling property in the area. These fees are calculated based on the guideline value or the sale price, whichever is higher.

When you register a property, the guideline value ensures that the transaction is recorded accurately and reflects the current market conditions. This helps in maintaining transparency and fairness in property dealings.

Frequently asked questions

What is the current guideline value of Balaiya Garden 5th Street?

The current guideline value of Balaiya Garden 5th 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, reflecting an overall increase of 64% over this period.

What are the stamp duty and registration fees for property in this area?

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 the registration for Balaiya Garden 5th Street?

The Velacheri Sub Registrar Office handles the registration for Balaiya Garden 5th Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the range of guideline values in Madipakkam-1?

The guideline values in Madipakkam-1 range from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft.