Guideline Value for Balaji Nagar Extension 29th Street

Balaji Nagar Extension 29th Street guideline value

The current guideline value of Balaji Nagar Extension 29th 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 29th Street has changed

The guideline value for Balaji Nagar Extension 29th Street has seen several revisions over the years. The oldest recorded revision is from 2017, with a guideline value of 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 in 2024 set the 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%. There are no recorded figures 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 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, placing Balaji Nagar Extension 29th Street's 2024 figure above that median.

• Balaji Nagar Extension 28th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 27th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 2nd Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 26th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 30th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 25th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar Extension 29th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total charges 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 more detailed calculations.

Which Sub Registrar Office covers Balaji Nagar Extension 29th Street?

The Sub Registrar Office that covers Balaji Nagar Extension 29th 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 minimum value of a property, ensuring that transactions are recorded accurately and transparently.

When a property is registered, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Balaji Nagar Extension 29th Street?

The current guideline value of Balaji Nagar Extension 29th 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%.

What is the land classification for Balaji Nagar Extension 29th Street?

Balaji Nagar Extension 29th Street is classified as Residential Class I Type - I.

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

The Sub Registrar Office for Balaji Nagar Extension 29th Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price of the property, whichever is higher. For example, on 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.