Guideline Value for Balaiya Garden

Balaiya Garden guideline value

The current guideline value of Balaiya Garden is Rs 3,850 per sq.ft, effective from 1 July 2024. This area is located in Madipakkam-1 village under the Velacheri SRO, classified as Residential Class I Type - I.

How the guideline value of Balaiya Garden has changed

The guideline value of Balaiya Garden has seen significant changes over the years. The 2017 revision set the value at Rs 2,345 per sq.ft, which was then increased to Rs 3,500 per sq.ft in the 2023 revision, marking a 49% increase. The latest revision in 2024 has further raised the value to Rs 3,850 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%. Notably, 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. The median value for these streets is Rs 2,750 per sq.ft, placing Balaiya Garden's 2024 guideline value above this median.

• Balaiah Nagar,Thilagar Avenue: Rs 3,300 per sq.ft (2024)
• Balaiya Garden 10th Street: Rs 3,300 per sq.ft (2024)
• Balaiah Nagar Extn: Rs 1,650 per sq.ft (2024)
• Balaiya Garden 1st Street: Rs 3,300 per sq.ft (2024)
• Balaiah Nagar, Brindavan Street: Rs 3,850 per sq.ft (2024)
• Balaiya Garden 2nd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Balaiya Garden

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, making the total cost for these fees Rs 3,46,500. 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 further calculations.

Which Sub Registrar Office covers Balaiya Garden?

The Sub Registrar Office that covers Balaiya Garden 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 crucial role during property registration in Madipakkam-1. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. This value is set by the government and is subject to periodic revisions.

When a buyer or seller engages in a transaction, the guideline value is referenced to ensure that the appropriate fees are calculated. It is essential for both parties to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Balaiya Garden?

The current guideline value of Balaiya Garden is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 2,345 per sq.ft in 2017 to Rs 3,850 per sq.ft in 2024, marking an overall increase of 64%.

What is the registration office for Balaiya Garden?

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

How is stamp duty calculated for properties in Balaiya Garden?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the stamp duty would be Rs 2,69,500 based on the current guideline value.

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

Other streets in Madipakkam-1 have varying guideline values, with some streets like Balaiah Nagar, Thilagar Avenue and Balaiya Garden 10th Street valued at Rs 3,300 per sq.ft, while Balaiah Nagar, Brindavan Street shares the same value as Balaiya Garden at Rs 3,850 per sq.ft.