Guideline Value for Balaji Nagar Extension 16th Street

Balaji Nagar Extension 16th Street guideline value

The current guideline value of Balaji Nagar Extension 16th 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 Extension 16th Street has changed

The guideline value for Balaji Nagar Extension 16th Street has undergone several revisions over the years. The oldest recorded revision is from 2017, which set the value at Rs 2,345 per sq.ft. This was followed by a significant increase to Rs 3,500 per sq.ft in 2023, marking a rise of 49%. The most recent revision in 2024 has further increased the guideline value to 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 there are no figures available 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 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, placing Balaji Nagar Extension 16th Street's 2024 value above this median.

• Balaji Nagar Extension 15th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 17th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 14th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 18th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 13th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 19th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar Extension 16th 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 higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Balaji Nagar Extension 16th Street?

The Sub Registrar Office covering Balaji Nagar Extension 16th 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 the registration of property transactions in Madipakkam-1. It is used to determine the stamp duty and registration fees that need to be paid when buying or selling property in the area.

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 and fees. This ensures that the transaction is recorded accurately and in accordance with the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value of Balaji Nagar Extension 16th Street?

The current guideline value of Balaji Nagar Extension 16th Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2017, the guideline value has increased from Rs 2,345 per sq.ft to Rs 3,850 per sq.ft in 2024, marking an overall increase of 64% across the revisions.

What is the registration office for Balaji Nagar Extension 16th Street?

The registration office for Balaji Nagar Extension 16th Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

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

For a property valued at 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, totaling Rs 3,46,500.

How is the guideline value determined for properties?

The guideline value is determined by the Registration Department and varies based on the location, land classification, and recent revisions. It serves as a basis for calculating stamp duty and registration fees during property transactions.