Guideline Value for Balaji Nagar 2nd Cross Street

Balaji Nagar 2nd Cross Street guideline value

The current guideline value of Balaji Nagar 2nd Cross 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 2nd Cross Street has changed

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

From 2017 to 2023, the guideline value increased by 49%, and overall, from 2017 to 2024, it has risen by 64%. The register has no 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 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 2nd Cross Street's 2024 figure above this median.

• Balaji Nagar 29th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 28th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 27th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 26th 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 2nd Cross 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 fees together 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 detailed calculations.

Which Sub Registrar Office covers Balaji Nagar 2nd Cross Street?

The Balaji Nagar 2nd Cross Street falls under the jurisdiction of 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 an important factor in the registration process when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the applicable stamp duty and registration fees, ensuring that these costs are calculated based on the official value set by the Registration Department.

When a property is registered, the guideline value helps to establish the minimum value for taxation purposes. This means that buyers and sellers must be aware of the current guideline values to ensure compliance with legal requirements during property transactions.

Frequently asked questions

What is the current guideline value of Balaji Nagar 2nd Cross Street?

The current guideline value of Balaji Nagar 2nd Cross 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, reflecting a 64% increase over this period.

What is the median guideline value for streets in Madipakkam-1?

The median guideline value for streets in Madipakkam-1 is Rs 2,750 per sq.ft, with Balaji Nagar 2nd Cross Street's value being above this median.

What are the registration fees for property in Balaji Nagar 2nd Cross Street?

The registration fees include a stamp duty of 7% and a registration fee of 2%, calculated based on the guideline value or sale price, whichever is higher.

Which office handles the registration for Balaji Nagar 2nd Cross Street?

The Velacheri Sub Registrar Office handles the registration for Balaji Nagar 2nd Cross Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.