Guideline Value for Balaji Avenue

Balaji Avenue guideline value

The current guideline value of Balaji Avenue is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village, under the Velacheri SRO, and is classified as Residential Class I Type - II.

How the guideline value of Balaji Avenue has changed

The guideline value for Balaji Avenue has seen significant changes over the years. The 2017 revision set the value at Rs 2,010 per sq.ft. In 2023, this value increased to Rs 3,000 per sq.ft, marking a 49% rise. The most recent revision in 2024 further increased the value to Rs 3,300 per sq.ft, which is 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 years 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 guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value is Rs 2,750 per sq.ft, placing Balaji Avenue's 2024 figure above this median.

• Balaiya Gardern, Padmavathi Street, Sairam Avenue: Rs 3,850 per sq.ft (2024)
• Balaiya Garden/Raghavendra Street 1st Street: Rs 3,850 per sq.ft (2024)
• Balaiya Garden 9th Street: Rs 3,300 per sq.ft (2024)
• Balaiya Garden 8th Street: Rs 3,300 per sq.ft (2024)
• Balaiya Garden 7th 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 Balaji Avenue

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 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 Balaji Avenue?

The Sub Registrar Office that covers Balaji Avenue 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 transactions are recorded accurately in the official register.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with the transaction. This ensures compliance with legal requirements and helps maintain transparency in property dealings.

Frequently asked questions

What is the current guideline value for Balaji Avenue?

The current guideline value for Balaji Avenue is Rs 3,300 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since the 2017 revision, the guideline value has increased from Rs 2,010 per sq.ft to Rs 3,300 per sq.ft in 2024, marking an overall increase of 64%.

What are the stamp duty and registration fees for property in Balaji Avenue?

For a 1,000 sq.ft plot 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 Sub Registrar Office covers Balaji Avenue?

The Velacheri Sub Registrar Office covers Balaji Avenue, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Balaji Avenue?

Balaji Avenue is classified as Residential Class I Type - II, indicating its designation for residential use within the area.