Guideline Value for Balaji Nagar 6th Street

Balaji Nagar 6th Street guideline value

The current guideline value of Balaji Nagar 6th 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 6th Street has changed

The guideline value for Balaji Nagar 6th Street has seen significant changes over the years. The 2017 revision set the value at Rs 2,345 per sq.ft, which increased to Rs 3,500 per sq.ft in the 2023 revision, marking a 49% increase. The most recent 2024 revision has further raised the value to 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 the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In the Madipakkam-1 village, there are 1,823 streets under the Velacheri SRO, with guideline values 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, placing Balaji Nagar 6th Street's 2024 value above this median.

• Balaji Nagar 6th Cross Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 7th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 5th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 5th Cross Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 8th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 4th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar 6th 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 be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total cost 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.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Balaji Nagar 6th Street?

The Sub Registrar Office that covers Balaji Nagar 6th 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 additional assistance.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Madipakkam-1. It is used to determine the stamp duty and registration fees that need to be paid, ensuring that the transaction is recorded accurately in the official register.

When a property is sold, the guideline value is considered to ensure that the correct amount of tax is levied based on either the sale price or the guideline value, whichever is higher. This helps maintain transparency in property transactions and ensures compliance with local regulations.

Frequently asked questions

What is the current guideline value of Balaji Nagar 6th Street?

The current guideline value of Balaji Nagar 6th Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since the 2017 revision, the guideline value has increased by 64% from Rs 2,345 per sq.ft to Rs 3,850 per sq.ft in 2024, with a 10% increase from 2023 to 2024.

What is the land classification of Balaji Nagar 6th Street?

Balaji Nagar 6th Street is classified as Residential Class I Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for Balaji Nagar 6th Street?

The Sub Registrar Office for Balaji Nagar 6th Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the stamp duty calculated for properties in Balaji Nagar 6th Street?

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