Guideline Value for Balaji Nagar 17th Street

Balaji Nagar 17th Street guideline value

The current guideline value of Balaji Nagar 17th 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 17th Street has changed

The guideline value for Balaji Nagar 17th Street has seen several revisions over the years. The 2017 revision set the value at Rs 2,345 per sq.ft, which increased to Rs 3,500 per sq.ft in the 2023 revision. The most recent revision in 2024 raised the guideline value to Rs 3,850 per sq.ft, marking a 10% increase from the previous year.

From 2017 to 2023, the value increased by 49%, and overall, from 2017 to 2024, there has been a significant increase of 64%. It is important to note that there are no figures available for the revisions in 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 guideline value in this area is Rs 2,750 per sq.ft, placing Balaji Nagar 17th Street above this median.

• Balaji Nagar 16th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 18th Cross Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 15th 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)
• Balaji Nagar 14th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar 17th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value is Rs 38,50,000. The stamp duty at 7% amounts to Rs 2,69,500, and the registration fee at 2% is Rs 77,000, leading to a total cost of 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.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Balaji Nagar 17th Street?

The Sub Registrar Office that covers Balaji Nagar 17th 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 during the registration of property transactions in Madipakkam-1. It serves as a benchmark for calculating the stamp duty and registration fees that need to be paid during the sale or purchase of property.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to determine the applicable fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Balaji Nagar 17th Street?

The current guideline value of Balaji Nagar 17th 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 2,345 per sq.ft in 2017 to Rs 3,500 per sq.ft in 2023, and then to Rs 3,850 per sq.ft in 2024. This represents an overall increase of 64% from 2017 to 2024.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 38,50,000, the stamp duty is Rs 2,69,500 and the registration fee is Rs 77,000, totaling Rs 3,46,500. The duty is charged on the higher of the guideline value or the sale price.

Which office handles property registrations for Balaji Nagar 17th Street?

The Velacheri Sub Registrar Office handles property registrations for Balaji Nagar 17th Street. The office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Balaji Nagar 17th Street?

Balaji Nagar 17th Street is classified as Residential Class I Type - I, indicating its suitability for residential purposes.