Guideline Value for Balaji Nagar Extension 8th Street

Balaji Nagar Extension 8th Street guideline value

The current guideline value of Balaji Nagar Extension 8th 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 8th Street has changed

Over the years, the guideline value for Balaji Nagar Extension 8th Street has seen significant revisions. The earliest recorded figure is from the 2017 revision, which was Rs 2,345 per sq.ft. This increased to Rs 3,500 per sq.ft in the 2023 revision, marking a 49% increase. The most recent revision in 2024 set the value at Rs 3,850 per sq.ft, reflecting a 10% increase from the previous year.

From the 2017 revision to the 2024 revision, the overall increase in the guideline value is 64%. It is important to note that there are no recorded figures for the years 2002, 2003, 2007, and 2012 for this street, indicating that the register has no figure for these years.

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 guideline value in this area is Rs 2,750 per sq.ft, placing Balaji Nagar Extension 8th Street's 2024 figure above this median.

• Balaji Nagar Extension 7th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 9th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 6th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension II: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 5th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension II 35th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar Extension 8th 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 fees 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 also use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Balaji Nagar Extension 8th Street?

The Sub Registrar Office that covers Balaji Nagar Extension 8th 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 plays a crucial role in property transactions in Madipakkam-1. It is the minimum value set by the government for property registration, ensuring that the property is not undervalued during the sale process. Buyers and sellers must consider this value when negotiating sale prices and preparing for registration.

During the registration process, 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 in the area.

Frequently asked questions

What is the current guideline value for Balaji Nagar Extension 8th Street?

The current guideline value for Balaji Nagar Extension 8th Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much 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, representing a total increase of 64% over this period.

What is the registration office for Balaji Nagar Extension 8th Street?

The registration office for Balaji Nagar Extension 8th Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the stamp duty calculated for properties in Balaji Nagar Extension 8th Street?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the stamp duty would be Rs 2,69,500 based on the current guideline value.

What are the other streets in Madipakkam-1 with the same guideline value?

Other streets in Madipakkam-1, such as Balaji Nagar Extension 7th Street, 9th Street, 6th Street, II, 5th Street, and II 35th Street, all have a guideline value of Rs 3,850 per sq.ft in 2024.