Guideline Value for Balaji Nagar 32nd Street

Balaji Nagar 32nd Street guideline value

The current guideline value of Balaji Nagar 32nd 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 32nd Street has changed

The guideline value for Balaji Nagar 32nd Street has seen several revisions over the years. The earliest recorded revision was in 2017, where the guideline value was Rs 2,345 per sq.ft. This figure increased to Rs 3,500 per sq.ft in 2023, marking a significant rise of 49%. The latest revision in 2024 has further increased the guideline value to Rs 3,850 per sq.ft, which is a 10% increase from the previous year.

Overall, from 2017 to 2024, the guideline value has increased by 64%. It is important to note that there are no recorded figures for Balaji Nagar 32nd Street in the revisions from 2002, 2003, 2007, and 2012.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value in this area is Rs 2,750 per sq.ft, making the current value of Balaji Nagar 32nd Street above the median.

• Balaji Nagar 31th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 33rd Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 30th 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 32nd 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, resulting in a total of Rs 3,46,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Balaji Nagar 32nd Street?

The Sub Registrar Office that covers Balaji Nagar 32nd 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 further assistance.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor when registering property transactions in Madipakkam-1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value.

When buying or selling property, the guideline value influences the stamp duty and registration fees that need to be paid. This value is essential for both buyers and sellers to understand, as it directly impacts the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Balaji Nagar 32nd Street?

The current guideline value of Balaji Nagar 32nd 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 now to Rs 3,850 per sq.ft in 2024. There are no figures available for the years 2002, 2003, 2007, and 2012.

What is the land classification for Balaji Nagar 32nd Street?

Balaji Nagar 32nd Street is classified as Residential Class I Type - I, indicating its suitability for residential purposes.

What are the stamp duty and registration fees for properties in Balaji Nagar 32nd Street?

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500. The duty is calculated on the higher of the guideline value or the sale price.

Which office handles registrations for Balaji Nagar 32nd Street?

The Velacheri Sub Registrar Office handles registrations for Balaji Nagar 32nd Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.