Guideline Value for Balaji Nagar 23rd Street

Balaji Nagar 23rd Street guideline value

The current guideline value of Balaji Nagar 23rd 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. The land classification for this area is Residential Class I Type - I.

How the guideline value of Balaji Nagar 23rd Street has changed

The guideline value for Balaji Nagar 23rd Street has seen several revisions over the years. In the 2017 revision, the guideline value was Rs 2,345 per sq.ft. This increased to Rs 3,500 per sq.ft in the 2023 revision, marking a significant rise of 49%. The most recent revision in 2024 set the guideline value at Rs 3,850 per sq.ft, reflecting a 10% increase 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 years 2002, 2003, 2007, and 2012 in the register for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 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 for these streets is Rs 2,750 per sq.ft, placing Balaji Nagar 23rd Street's 2024 figure above this median.

• Balaji Nagar 22nd 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 21st Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 24th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 20th 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 23rd 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, while the registration fee at 2% would be Rs 77,000. Together, the total cost for these fees would be 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 precise calculations.

Which Sub Registrar Office covers Balaji Nagar 23rd Street?

The Sub Registrar Office that covers Balaji Nagar 23rd 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 plays a crucial role in the registration of property transactions in Madipakkam-1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring compliance with local regulations.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. These fees are essential for the legal transfer of property ownership and must be paid at the time of registration.

Frequently asked questions

What is the current guideline value of Balaji Nagar 23rd Street?

The current guideline value of Balaji Nagar 23rd 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 other streets in Madipakkam-1 with the same guideline value?

Several other streets in Madipakkam-1 have the same guideline value of Rs 3,850 per sq.ft for 2024, including Balaji Nagar 22nd Street, Balaji Nagar 21st Street, Balaji Nagar 24th Street, Balaji Nagar 20th Street, and Balaji Nagar 25th Street.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. The registration fee is charged at 2% of the same amount.

Where can I find the Sub Registrar Office for Balaji Nagar 23rd Street?

The Sub Registrar Office for Balaji Nagar 23rd Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find more information about your SRO online.