Guideline Value for Balaiya Garden 7th Street

Balaiya Garden 7th Street guideline value

The current guideline value for Balaiya Garden 7th 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 7th Street has changed

The guideline value for Balaiya Garden 7th Street has undergone several revisions over the years. The earliest recorded revision was in 2017, with a guideline value of Rs 2,010 per sq.ft. This figure increased to Rs 3,000 per sq.ft in the 2023 revision, marking a significant increase of 49%. The latest revision in 2024 has set the guideline value at Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street. Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with 2024 guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for the village is Rs 2,750 per sq.ft, placing Balaiya Garden 7th Street's 2024 figure above this median.

• Balaiya Garden 6th Street: Rs 3,300 per sq.ft (2024)
• Balaiya Garden 8th Street: Rs 3,300 per sq.ft (2024)
• Balaiya Garden 5th Street: Rs 3,300 per sq.ft (2024)
• Balaiya Garden 9th Street: Rs 3,300 per sq.ft (2024)
• Balaiya Garden 4th Street: Rs 3,300 per sq.ft (2024)
• Balaiya Garden/Raghavendra Street 1st Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Balaiya Garden 7th 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 charges 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 on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Balaiya Garden 7th Street?

The Sub Registrar Office that covers Balaiya Garden 7th 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 details.

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

The guideline value is a crucial factor when registering property transactions in Madipakkam-1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the registration fees and stamp duties are calculated accurately.

When buying or selling property, the guideline value helps in assessing the fair value of the property. It is essential for both buyers and sellers to be aware of the current guideline value to ensure compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of Balaiya Garden 7th Street?

The current guideline value of Balaiya Garden 7th 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 the years.

What is the stamp duty on property in Balaiya Garden 7th Street?

The stamp duty for property in Balaiya Garden 7th Street is 7% of the guideline value or sale price, whichever is higher. For a plot valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000.

Where is the Sub Registrar Office for Balaiya Garden 7th Street located?

The Sub Registrar Office covering Balaiya Garden 7th Street is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

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

Other streets in Madipakkam-1 have varying guideline values. For instance, Balaiya Garden 6th Street, 8th Street, 5th Street, and 9th Street all have a guideline value of Rs 3,300 per sq.ft in 2024.