Guideline Value for Balaji Nagar Extension 33rd Street

Balaji Nagar Extension 33rd Street guideline value

The current guideline value of Balaji Nagar Extension 33rd 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 33rd Street has changed

The guideline value for Balaji Nagar Extension 33rd Street has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 3,850 per sq.ft, an increase of 10% from Rs 3,500 per sq.ft in the 2023 revision. Prior to that, the guideline value was Rs 2,345 per sq.ft in the 2017 revision, marking a significant increase of 49% over the six years to 2023. Overall, from 2017 to 2024, the guideline value has risen by 64%.

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 with a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value is Rs 2,750 per sq.ft, placing Balaji Nagar Extension 33rd Street's 2024 figure above this median.

• Balaji Nagar Extension 32nd Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 34th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 31st Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 35th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 30th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 36th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar Extension 33rd 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, totaling Rs 3,46,500. It is important to note that 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 information.

Which Sub Registrar Office covers Balaji Nagar Extension 33rd Street?

The Sub Registrar Office that covers Balaji Nagar Extension 33rd 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 an essential factor in the registration process when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the applicable stamp duty and registration fees, ensuring that the transaction is appropriately taxed based on the established value of the property.

When a property is registered, the guideline value must be considered to calculate the fees accurately. Buyers and sellers should be aware that the higher of the guideline value or the sale price will be used for calculating the stamp duty, which is a critical aspect of the registration process.

Frequently asked questions

What is the current guideline value of Balaji Nagar Extension 33rd Street?

The current guideline value of Balaji Nagar Extension 33rd 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%. The 2023 revision set the value at Rs 3,500 per sq.ft, which is a 10% increase from the previous year.

What are the guideline values for other streets in Madipakkam-1?

Other streets in Madipakkam-1 under the Velacheri SRO have a guideline value of Rs 3,850 per sq.ft in 2024, similar to Balaji Nagar Extension 33rd Street. The values for these streets range from Rs 1,650 to Rs 5,500 per sq.ft.

What fees are applicable when registering property in Balaji Nagar Extension 33rd Street?

When registering property in Balaji Nagar Extension 33rd Street, buyers must pay a stamp duty of 7% and a registration fee of 2% based on the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Balaji Nagar Extension 33rd Street?

The Sub Registrar Office for Balaji Nagar Extension 33rd Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.