Guideline Value for Balaji Nagar Extension 10th Street

Balaji Nagar Extension 10th Street guideline value

The current guideline value for Balaji Nagar Extension 10th 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 Extension 10th Street has changed

The guideline value for Balaji Nagar Extension 10th Street has seen 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, in 2017, the value was Rs 2,345 per sq.ft, indicating a significant increase of 49% over the six-year period leading up to 2023. The overall change from 2017 to 2024 is an increase of 64%.

It is important to note that there are no figures available for the revisions in the years 2002, 2003, 2007, and 2012 for this street. The absence of these figures means that the guideline values for those years are not recorded in the register.

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, with a median value of Rs 2,750 per sq.ft. The guideline value for Balaji Nagar Extension 10th Street is above this median.

• Balaji Nagar Extension 11th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 12th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 13th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 14th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 15th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar Extension 10th 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 more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Balaji Nagar Extension 10th Street?

The Sub Registrar Office that covers Balaji Nagar Extension 10th 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 details.

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 of property transactions in Madipakkam-1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a value that reflects the current market conditions.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. These fees are essential for the legal transfer of property ownership and must be paid based on the higher of the guideline value or the actual sale price.

Frequently asked questions

What is the current guideline value of Balaji Nagar Extension 10th Street?

The current guideline value of Balaji Nagar Extension 10th Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed recently?

Recently, the guideline value increased from Rs 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024, representing a 10% increase. This follows a significant rise of 49% from Rs 2,345 per sq.ft in 2017 to 2023.

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

Other streets in Madipakkam-1 that share the same guideline value of Rs 3,850 per sq.ft for 2024 include Balaji Nagar Extension 11th Street, Balaji Nagar Extension, Balaji Nagar Extension 12th Street, Balaji Nagar Extension 13th Street, Balaji Nagar Extension 14th Street, and Balaji Nagar Extension 15th Street.

What is the registration fee for a property in Balaji Nagar Extension 10th Street?

The registration fee for a property in Balaji Nagar Extension 10th Street is calculated at 2% of the guideline value. For a property valued at Rs 38,50,000, this would amount to Rs 77,000.

Where can I find the Sub Registrar Office for Balaji Nagar Extension 10th Street?

The Sub Registrar Office for Balaji Nagar Extension 10th Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.