Guideline Value for Balaji Nagar 22nd Street

Balaji Nagar 22nd Street guideline value

The current guideline value of Balaji Nagar 22nd 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, and is classified as Residential Class I Type - I.

How the guideline value of Balaji Nagar 22nd Street has changed

Over the years, the guideline value of Balaji Nagar 22nd Street has seen significant changes. 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, marking a 49% rise. The current 2024 revision reflects a further increase to Rs 3,850 per sq.ft, which is a 10% rise 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 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 that have a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, placing Balaji Nagar 22nd Street's 2024 figure above this median.

• Balaji Nagar 21st Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 23rd Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 20th 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 24th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 25th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar 22nd 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 to Rs 3,46,500. Please note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Balaji Nagar 22nd Street?

The Sub Registrar Office that covers Balaji Nagar 22nd 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 in property transactions in Madipakkam-1, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees that must be paid during the registration process.

It is important for buyers and sellers to be aware of the current guideline value to ensure compliance with legal requirements. This value is regularly updated and reflects the market conditions in the area, making it essential for accurate financial planning during property transactions.

Frequently asked questions

What is the current guideline value of Balaji Nagar 22nd Street?

The current guideline value of Balaji Nagar 22nd Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed from Rs 2,345 per sq.ft in 2017 to Rs 3,850 per sq.ft in 2024, indicating a total increase of 64% over this period.

What is the registration office for Balaji Nagar 22nd Street?

The registration office for Balaji Nagar 22nd Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for property in Balaji Nagar 22nd Street?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the stamp duty would be Rs 2,69,500.

What other streets have the same guideline value in Madipakkam-1?

Other streets in Madipakkam-1 that share the same guideline value of Rs 3,850 per sq.ft include Balaji Nagar 21st Street, Balaji Nagar 23rd Street, Balaji Nagar 20th Street, Balaji Nagar 23rd Street (Balaji Nagar Extension, Otteri Salai), Balaji Nagar 24th Street, and Balaji Nagar 25th Street.