Guideline Value for Balaji Nagar 16th Street

Balaji Nagar 16th Street guideline value

The current guideline value of Balaji Nagar 16th Street is Rs 3,850 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 - I.

How the guideline value of Balaji Nagar 16th Street has changed

The guideline value for Balaji Nagar 16th Street has seen several revisions over the years. The 2017 revision set the value at Rs 2,345 per sq.ft. This figure increased significantly by 49% to Rs 3,500 per sq.ft in the 2023 revision. The latest revision in 2024 raised the value by an additional 10% to Rs 3,850 per sq.ft.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that the register does not have 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 the 2024 guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value in this village is Rs 2,750 per sq.ft, making the 2024 value of Balaji Nagar 16th Street above this median.

• Balaji Nagar 15th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 17th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 18th Cross Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 14th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 18th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 19th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar 16th Street

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, bringing the total cost for these fees to 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 our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Balaji Nagar 16th Street?

The Sub Registrar Office that covers Balaji Nagar 16th 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 information.

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

The guideline value is a crucial factor during property registration in Madipakkam-1. It determines the minimum value on which stamp duty and registration fees are calculated, ensuring that the government receives appropriate revenue during property transactions.

When buying or selling property, the guideline value serves as a reference point to assess the transaction's legitimacy. Buyers should be aware that the actual sale price must be equal to or higher than the guideline value to avoid any legal complications during registration.

Frequently asked questions

What is the current guideline value of Balaji Nagar 16th Street?

The current guideline value of Balaji Nagar 16th 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 increased from Rs 2,345 per sq.ft in 2017 to Rs 3,850 per sq.ft in 2024, marking a total increase of 64% over this period.

What is the median guideline value in Madipakkam-1?

The median guideline value in Madipakkam-1 is Rs 2,750 per sq.ft, which indicates that Balaji Nagar 16th Street's guideline value is above this median.

What are the stamp duty rates for properties in Balaji Nagar 16th Street?

The stamp duty for properties in Balaji Nagar 16th Street is charged at 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Balaji Nagar 16th Street located?

The Velacheri Sub Registrar Office, which covers Balaji Nagar 16th Street, is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.