Guideline Value for Balaji Nagar Extension 23rd Street

Balaji Nagar Extension 23rd Street guideline value

The current guideline value of Balaji Nagar Extension 23rd Street is Rs 3,850 per sq.ft. 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 23rd Street has changed

The guideline value for Balaji Nagar Extension 23rd Street has seen several revisions over the years. The earliest recorded revision is from 2017, where the guideline value was Rs 2,345 per sq.ft. This increased to Rs 3,500 per sq.ft in 2023, marking a significant rise of 49%. The most recent revision, effective from 1 July 2024, sets the guideline value at 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 revisions in 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 have 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 23rd Street is above this median.

• Balaji Nagar Extension 22nd Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 24th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 21th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 25th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 20th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 26th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar Extension 23rd 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, while the registration fee at 2% would be Rs 77,000, bringing the total cost for these fees 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 our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Balaji Nagar Extension 23rd Street?

The Sub Registrar Office that covers Balaji Nagar Extension 23rd 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 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 during the transaction.

When a property is sold, the guideline value is used to calculate the applicable fees, ensuring that both the buyer and seller are aware of the financial obligations involved in the transfer of ownership.

Frequently asked questions

What is the current guideline value of Balaji Nagar Extension 23rd Street?

The current guideline value of Balaji Nagar Extension 23rd Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2017?

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

What are the stamp duty and registration fees for a property on this street?

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 Sub Registrar Office is responsible for Balaji Nagar Extension 23rd Street?

The Velacheri Sub Registrar Office is responsible for Balaji Nagar Extension 23rd Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Balaji Nagar Extension 23rd Street?

Balaji Nagar Extension 23rd Street is classified as Residential Class I Type - I according to the guideline value register.