Guideline Value for Balaji Nagar Extension 7th Street

Balaji Nagar Extension 7th Street guideline value

The current guideline value of Balaji Nagar Extension 7th 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, classified as Residential Class I Type - I.

How the guideline value of Balaji Nagar Extension 7th Street has changed

The guideline value for Balaji Nagar Extension 7th Street has undergone several revisions over the years. The earliest available figure is from 2017, which was Rs 2,345 per sq.ft. This figure increased to Rs 3,500 per sq.ft in 2023, marking a significant rise of 49%. The most recent revision in 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%. The register does not contain 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 for these streets is Rs 2,750 per sq.ft, indicating that Balaji Nagar Extension 7th Street's 2024 figure is above this median.

• Balaji Nagar Extension 6th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 8th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 5th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 9th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 4th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension II: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar Extension 7th 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 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.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Balaji Nagar Extension 7th Street?

The Balaji Nagar Extension 7th 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 is a crucial factor during property registration in Madipakkam-1, as it determines the stamp duty and registration fees payable. Buyers and sellers must consider the guideline value when negotiating sale prices, as it serves as a benchmark for property transactions.

When registering a property, the buyer must pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the state government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Balaji Nagar Extension 7th Street?

The current guideline value of Balaji Nagar Extension 7th 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, reflecting a total increase of 64% over this period.

What are the stamp duty and registration fees for property in Balaji Nagar Extension 7th Street?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 3,46,500.

Which Sub Registrar Office covers Balaji Nagar Extension 7th Street?

The Velacheri Sub Registrar Office covers Balaji Nagar Extension 7th Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification of Balaji Nagar Extension 7th Street?

Balaji Nagar Extension 7th Street is classified as Residential Class I Type - I, indicating its suitability for residential development.