Guideline Value for Balaji Nagar 31th Street

Balaji Nagar 31th Street guideline value

The current guideline value of Balaji Nagar 31th 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 31th Street has changed

The guideline value for Balaji Nagar 31th Street has seen significant changes over the years. The earliest recorded revision is from 2017, where the guideline value was Rs 2,345 per sq.ft. This figure increased to Rs 3,500 per sq.ft in the 2023 revision, marking a 49% rise. The latest 2024 revision shows a further increase to Rs 3,850 per sq.ft, which is a 10% increase from the previous year.

There are no recorded figures for the revisions in 2002, 2003, 2007, and 2012 for this street. Overall, from 2017 to 2024, the guideline value has increased by 64%.

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 guideline value for these streets is Rs 2,750 per sq.ft, placing Balaji Nagar 31th Street's 2024 figure above this median.

• Balaji Nagar 30th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 32nd Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 33rd Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 34th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 35th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 36th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar 31th 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. 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 detailed calculations.

Which Sub Registrar Office covers Balaji Nagar 31th Street?

The Sub Registrar Office that covers Balaji Nagar 31th 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 an essential factor in the registration process when buying or selling property in Madipakkam-1. It determines the minimum value at which a property can be registered, ensuring that the transaction is transparent and reflects the market conditions as set by the government.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for legal documentation. This ensures that both the buyer and seller are aware of the financial obligations involved in the transaction.

Frequently asked questions

What is the current guideline value of Balaji Nagar 31th Street?

The current guideline value of Balaji Nagar 31th 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 significantly, with the 2017 revision at Rs 2,345 per sq.ft, increasing to Rs 3,500 per sq.ft in 2023, and further to Rs 3,850 per sq.ft in 2024.

What is the land classification for Balaji Nagar 31th Street?

Balaji Nagar 31th Street is classified as Residential Class I Type - I, indicating its suitability for residential purposes.

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the stamp duty calculated for properties in Balaji Nagar 31th Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For instance, a property valued at Rs 38,50,000 incurs a stamp duty of Rs 2,69,500 at a rate of 7%.