Guideline Value for Balaji Nagar 7th Street

Balaji Nagar 7th Street guideline value

The current guideline value of Balaji Nagar 7th 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, and is classified as Residential Class I Type - I.

How the guideline value of Balaji Nagar 7th Street has changed

The guideline value for Balaji Nagar 7th Street has undergone several revisions. The earliest recorded figure is from 2017, when it was Rs 2,345 per sq.ft. This value increased to Rs 3,500 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 set the value at Rs 3,850 per sq.ft, reflecting 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 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 that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value is Rs 2,750 per sq.ft, indicating that Balaji Nagar 7th Street's 2024 figure is above this median.

• Balaji Nagar 6th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 8th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 6th Cross Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 9th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 5th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Anex II nd Extn: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar 7th Street

For a 1,000 sq.ft plot at the current rate of Rs 3,850 per sq.ft, the 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 guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Balaji Nagar 7th Street?

The Sub Registrar Office that covers Balaji Nagar 7th Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your 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 critical 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 to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Balaji Nagar 7th Street?

The current guideline value of Balaji Nagar 7th 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 then to Rs 3,850 per sq.ft in 2024. This represents a 64% increase from 2017 to 2024.

What is the classification of Balaji Nagar 7th Street?

Balaji Nagar 7th Street is classified as Residential Class I Type - I under the Velacheri SRO.

Where can I find the registration office for Balaji Nagar 7th Street?

The registration office for Balaji Nagar 7th 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 7th Street?

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