Guideline Value for Balaji Nagar 40th Street Cross

Balaji Nagar 40th Street Cross guideline value

The current guideline value for Balaji Nagar 40th Street Cross 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 40th Street Cross has changed

The guideline value for Balaji Nagar 40th Street Cross has seen several revisions over the years. The oldest 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 2023, marking a significant rise of 49%. The most recent revision in 2024 has set the guideline value at 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 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 that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. The guideline value for Balaji Nagar 40th Street Cross is above this median.

• Balaji Nagar 40th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 41st Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 3rd Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 4th Cross Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 4th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 3rd Cross Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar 40th Street Cross

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, 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 higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Balaji Nagar 40th Street Cross?

The Sub Registrar Office that covers Balaji Nagar 40th Street Cross is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your specific SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Balaji Nagar 40th Street Cross?

The current guideline value for Balaji Nagar 40th Street Cross is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2017?

Since 2017, the guideline value has increased from Rs 2,345 per sq.ft to Rs 3,850 per sq.ft in 2024, marking an overall increase of 64%.

What are the stamp duty rates applicable in Balaji Nagar 40th Street Cross?

The stamp duty rate applicable in Balaji Nagar 40th Street Cross is 7%, while the registration fee is 2% of the guideline value or the sale price, whichever is higher.

Which Sub Registrar Office should I visit for property registration in Balaji Nagar 40th Street Cross?

The Velacheri Sub Registrar Office is the designated office for property registration in Balaji Nagar 40th Street Cross, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the guideline value determined for properties in Madipakkam-1?

The guideline value for properties in Madipakkam-1 is determined by the Registration Department and is based on various factors, including land classification and location. It is revised periodically to reflect changes in property values.