Guideline Value for Balaji Nagar 1st Street

Balaji Nagar 1st Street guideline value

The current guideline value of Balaji Nagar 1st 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 1st Street has changed

The guideline value for Balaji Nagar 1st Street has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 3,850 per sq.ft, an increase of 10% from the 2023 revision of Rs 3,500 per sq.ft. Prior to that, the 2017 revision recorded a value of Rs 2,345 per sq.ft, marking a significant increase of 49% to the 2023 figure. The register has no figures for the years 2002, 2003, 2007, and 2012.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. This reflects the changes in the property market and land valuation in the area over the years.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO with a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value is Rs 2,750 per sq.ft, making Balaji Nagar 1st Street's 2024 figure above that median.

• Balaji Nagar 20th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 21st Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 22nd Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 23rd Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 23rd Street, Balaji Nagar Extension, Otteri Salai, (S.No.29/1): Rs 3,850 per sq.ft (2024)
• Balaji Nagar 1st Cross Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar 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 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, totaling 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 more specific calculations.

Which Sub Registrar Office covers Balaji Nagar 1st Street?

The Sub Registrar Office that covers Balaji Nagar 1st 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 critical component in the registration process when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value helps ensure that the transaction is recorded at a fair value, preventing undervaluation and ensuring that the appropriate taxes are collected by the government.

Frequently asked questions

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

The current guideline value of Balaji Nagar 1st Street is Rs 3,850 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 by 64% to reach Rs 3,850 per sq.ft in 2024. The value was Rs 2,345 per sq.ft in 2017 and Rs 3,500 per sq.ft in 2023.

What are the stamp duty and registration fees for property in Balaji Nagar 1st Street?

The stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot, the total guideline value is Rs 38,50,000, resulting in a stamp duty of Rs 2,69,500 and a registration fee of Rs 77,000.

Which Sub Registrar Office covers Balaji Nagar 1st Street?

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

What is the land classification for Balaji Nagar 1st Street?

Balaji Nagar 1st Street is classified as Residential Class I Type - I, indicating its suitability for residential developments.