Guideline Value for Balaji Colony 1st Street

Balaji Colony 1st Street guideline value

The current guideline value of Balaji Colony 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - III.

How the guideline value of Balaji Colony 1st Street has changed

The guideline value for Balaji Colony 1st Street has undergone several revisions over the years. Starting from the 2007 revision, the value was Rs 1,500 per sq.ft, which increased significantly to Rs 3,500 per sq.ft in 2012, marking a rise of 133%. However, the value decreased to Rs 2,345 per sq.ft in 2017, reflecting a drop of 33%. The value then surged to Rs 3,500 per sq.ft in 2023, and further increased to Rs 3,850 per sq.ft in 2024, which is a 10% rise from the previous year.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 157%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO, with guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value in the area is Rs 4,400 per sq.ft, placing Balaji Colony 1st Street's 2024 figure below this median.

• Balaji Colony 1st Main Road: Rs 3,850 per sq.ft (2024)
• Balaji Colony 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• Balaji Colony 1st Cross Street: Rs 3,850 per sq.ft (2024)
• Balaji Colony 2nd Street: Rs 3,850 per sq.ft (2024)
• Balaji Colony: Rs 3,850 per sq.ft (2024)
• Balaji Colony 3rd Cross Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Colony 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Balaji Colony 1st Street?

The Balaji Colony 1st Street falls under 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 Velachery

The guideline value is a crucial factor in the registration process when buying or selling property in Velachery. It determines the minimum value at which the property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When a property is sold, the guideline value serves as a benchmark for calculating these fees. Buyers and sellers must be aware of the current guideline value to ensure compliance with the registration requirements.

Frequently asked questions

What is the current guideline value of Balaji Colony 1st Street?

The current guideline value of Balaji Colony 1st Street 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 changed from Rs 1,500 per sq.ft in 2007 to Rs 3,850 per sq.ft in 2024, marking an overall increase of 157%.

What is the registration fee for property in Balaji Colony 1st Street?

The registration fee is calculated at 2% of the guideline value. For a property valued at Rs 38,50,000, the registration fee would be Rs 77,000.

Where can I find the Sub Registrar Office for Balaji Colony 1st Street?

The Velacheri Sub Registrar Office covers Balaji Colony 1st Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the stamp duty calculated for property transactions?

Stamp duty is charged at 7% on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate fees during property transactions.