Guideline Value for Balaji Nagar East 31st Street

Balaji Nagar East 31st Street guideline value

The current guideline value of Balaji Nagar East 31st 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 31st Street has changed

In the 2017 revision, the guideline value for Balaji Nagar East 31st Street was Rs 2,345 per sq.ft. This increased to Rs 3,500 per sq.ft in the 2023 revision, marking a significant rise of 49%. The most recent revision in 2024 saw the value further increase by 10% to Rs 3,850 per sq.ft.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. 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, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for the area is Rs 2,750 per sq.ft, and Balaji Nagar East 31st Street's 2024 figure is above this median.

• Balaji Nagar East 30th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar East 32nd Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar East 2nd Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar East 33rd Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar East 29th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar East 34th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar East 31st 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 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.

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

Which Sub Registrar Office covers Balaji Nagar East 31st Street?

The Sub Registrar Office covering Balaji Nagar East 31st 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 crucial factor in the registration process of property transactions in Madipakkam-1. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling property, the guideline value helps both parties understand the fair value of the property. It is essential for buyers to be aware of this value to avoid overpaying and for sellers to set realistic expectations for their property sales.

Frequently asked questions

What is the current guideline value of Balaji Nagar East 31st Street?

The current guideline value of Balaji Nagar East 31st Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since the 2017 revision, the guideline value has increased from Rs 2,345 per sq.ft to Rs 3,850 per sq.ft in 2024, representing a total increase of 64% over this period.

What are the other streets in Madipakkam-1 with the same guideline value?

Other streets in Madipakkam-1, such as Balaji Nagar East 30th Street, Balaji Nagar East 32nd Street, Balaji Nagar East 2nd Street, Balaji Nagar East 33rd Street, Balaji Nagar East 29th Street, and Balaji Nagar East 34th Street, all have a guideline value of Rs 3,850 per sq.ft for 2024.

What is the registration fee and stamp duty for property transactions?

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For example, for a property valued at Rs 38,50,000, the total stamp duty and registration fee would amount to Rs 3,46,500.

Where can I find the Sub Registrar Office for Balaji Nagar East 31st Street?

The Velacheri Sub Registrar Office, which covers Balaji Nagar East 31st Street, is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO through the provided link.