Guideline Value for Balaji Nagar Extension 18th Street

Balaji Nagar Extension 18th Street guideline value

The current guideline value of Balaji Nagar Extension 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, and it falls under the Residential Class I Type - I land classification.

How the guideline value of Balaji Nagar Extension 18th Street has changed

Over the years, the guideline value of Balaji Nagar Extension 18th Street has seen significant changes. The 2017 revision recorded a guideline value of Rs 2,345 per sq.ft. This increased to Rs 3,500 per sq.ft in the 2023 revision, marking a 49% rise. The most recent 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, the guideline value has increased by 64%. It is important to note that 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 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 of Balaji Nagar Extension 18th Street is above this median.

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

Stamp duty and registration fee for property in Balaji Nagar Extension 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, making the total cost for these fees 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 more detailed calculations.

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

The Sub Registrar Office that covers Balaji Nagar Extension 18th Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For more information, you can find your SRO.

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 properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty, which is charged at a percentage of the higher value between the guideline value and the sale price. This ensures that both buyers and sellers are aware of the financial implications involved in the transaction.

Frequently asked questions

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

The current guideline value of Balaji Nagar Extension 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 increased from Rs 2,345 per sq.ft in 2017 to Rs 3,850 per sq.ft in 2024, marking an overall increase of 64% over this period.

What is the land classification for Balaji Nagar Extension 18th Street?

Balaji Nagar Extension 18th Street is classified under Residential Class I Type - I, indicating its suitability for residential purposes.

Where can I find the Sub Registrar Office for this area?

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

How is stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 38,50,000 would incur a stamp duty of Rs 2,69,500 at a rate of 7%.