Guideline Value for Balaji Nagar Extension 32nd Street

Balaji Nagar Extension 32nd Street guideline value

The current guideline value of Balaji Nagar Extension 32nd Street is Rs 3,850 per sq.ft. 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 32nd Street has changed

The guideline value for Balaji Nagar Extension 32nd Street has undergone several revisions. The oldest recorded figure is from 2017, which was Rs 2,345 per sq.ft. In 2023, the value increased to Rs 3,500 per sq.ft, reflecting a significant rise of 49%. The most recent revision in 2024 set the guideline value at Rs 3,850 per sq.ft, marking a further increase of 10% 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 recorded 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 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 32nd Street is above this median.

• Balaji Nagar Extension 31st Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 33rd Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 30th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 34th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 2nd Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 35th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar Extension 32nd 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 for these fees to Rs 3,46,500. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Balaji Nagar Extension 32nd Street?

The Balaji Nagar Extension 32nd Street is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for additional assistance.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor during property registration in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees that must be paid when a property is sold or bought.

When a buyer or seller engages in a property transaction, the guideline value ensures that the transaction is recorded at a fair value, which is essential for legal and taxation purposes. This value is used to calculate the applicable fees, ensuring transparency in the property market.

Frequently asked questions

What is the current guideline value for Balaji Nagar Extension 32nd Street?

The current guideline value for Balaji Nagar Extension 32nd 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 changed from Rs 2,345 per sq.ft in 2017 to Rs 3,850 per sq.ft in 2024, representing an overall increase of 64% over this period.

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

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 should I visit for transactions in Balaji Nagar Extension 32nd Street?

The Velacheri Sub Registrar Office covers Balaji Nagar Extension 32nd Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Balaji Nagar Extension 32nd Street?

Balaji Nagar Extension 32nd Street is classified under Residential Class I Type - I, indicating its suitability for residential purposes.