Guideline Value for Balaji Nagar Extension 38th Street

Balaji Nagar Extension 38th Street guideline value

The current guideline value of Balaji Nagar Extension 38th 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. The land classification for this area is Residential Class I Type - I.

How the guideline value of Balaji Nagar Extension 38th Street has changed

The guideline value for Balaji Nagar Extension 38th Street has seen significant changes over the years. The 2017 revision recorded a value of Rs 2,345 per sq.ft, which increased to Rs 3,500 per sq.ft in 2023, marking a 49% rise. The most recent revision in 2024 has 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%. It is important to note that there are no figures available 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 for these streets is Rs 2,750 per sq.ft, placing Balaji Nagar Extension 38th Street's 2024 figure above this median.

• Balaji Nagar Extension 37th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 3rd Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 36th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 4th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 35th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 5th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar Extension 38th 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 to Rs 3,46,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Balaji Nagar Extension 38th Street?

The Balaji Nagar Extension 38th Street falls under 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 plays a crucial role 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 registered, the guideline value is used to calculate these fees, ensuring that both the buyer and seller are aware of the financial obligations involved. This helps maintain transparency in property transactions within the region.

Frequently asked questions

What is the current guideline value of Balaji Nagar Extension 38th Street?

The current guideline value of Balaji Nagar Extension 38th 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 a total increase of 64% over this period.

What are the stamp duty and registration fees for a property here?

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 office handles registrations for Balaji Nagar Extension 38th Street?

The Velacheri Sub Registrar Office handles registrations for Balaji Nagar Extension 38th Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the range of guideline values for streets in Madipakkam-1?

The guideline values for streets in Madipakkam-1 range from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft.