Guideline Value for Balaji Nagar East 18th Street

Balaji Nagar East 18th Street guideline value

The current guideline value of Balaji Nagar East 18th 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 East 18th Street has changed

The guideline value for Balaji Nagar East 18th Street has seen significant changes over the years. The 2017 revision recorded a value of Rs 2,345 per sq.ft, which increased to Rs 3,500 per sq.ft in the 2023 revision, marking a 49% rise. The latest revision in 2024 has set the guideline value at Rs 3,850 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, there has been a substantial increase of 64%. It is important to note that the register has no figures for this street for the years 2002, 2003, 2007, and 2012.

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 value for these streets is Rs 2,750 per sq.ft, indicating that Balaji Nagar East 18th Street's 2024 figure is above this median.

• Balaji Nagar East 17th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar East 19th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar East 16th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar East 1st Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar East 15th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar East 20th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar East 18th 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 fees together to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Balaji Nagar East 18th Street?

The Sub Registrar Office that covers Balaji Nagar East 18th 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 plays a crucial role during property registration in Madipakkam-1. It serves as a benchmark for determining the minimum value of a property, ensuring that the registration process is aligned with the prevailing market conditions.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. It is essential to ensure that these fees are paid based on the higher value between the guideline value and the sale price to comply with legal requirements.

Frequently asked questions

What is the current guideline value of Balaji Nagar East 18th Street?

The current guideline value of Balaji Nagar East 18th 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 total increase of 64% from 2017 to 2024.

What are the stamp duty and registration fees for property in Balaji Nagar East 18th 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. These fees are based on the guideline value or the sale price, whichever is higher.

Which Sub Registrar Office covers this area?

The Velacheri Sub Registrar Office covers Balaji Nagar East 18th Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification of Balaji Nagar East 18th Street?

Balaji Nagar East 18th Street is classified as Residential Class I Type - I, indicating its suitability for residential development.