Guideline Value for Balaji Nagar East 7th Street

Balaji Nagar East 7th Street guideline value

The current guideline value of Balaji Nagar East 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, classified as Residential Class I Type - I.

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

The guideline value for Balaji Nagar East 7th Street has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 3,850 per sq.ft, which is an increase from Rs 3,500 per sq.ft in 2023, marking a 10% rise. Prior to that, the 2017 revision recorded a value of Rs 2,345 per sq.ft, indicating a significant increase of 49% from 2017 to 2023. The register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. This reflects the changes in property valuation over the years, with the current value being the highest recorded 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 for these streets is Rs 2,750 per sq.ft, positioning Balaji Nagar East 7th Street's 2024 figure above this median.

• Balaji Nagar East 6th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar East 8th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar East 5th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar East 9th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar East 4th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar East 3rd Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar East 7th 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 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 further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Balaji Nagar East 7th Street?

The Sub Registrar Office that covers Balaji Nagar East 7th 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 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, ensuring that all transactions are documented at a fair value.

When a property is registered, the guideline value helps in calculating the applicable charges based on either the sale price or the guideline value, whichever is higher. This ensures transparency and compliance with local regulations during property transactions.

Frequently asked questions

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

The current guideline value of Balaji Nagar East 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 increased from Rs 2,345 per sq.ft in 2017 to Rs 3,850 per sq.ft in 2024, marking a total increase of 64% over the period.

What are the stamp duty and registration fees for property in this area?

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.

Which office handles property registrations in this locality?

The Velacheri Sub Registrar Office is responsible for property registrations in Balaji Nagar East 7th Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Balaji Nagar East 7th Street?

Balaji Nagar East 7th Street is classified as Residential Class I Type - I, indicating its designation for residential purposes within the area.