Guideline Value for Balaji Nagar Extension III

Balaji Nagar Extension III guideline value

The current guideline value of Balaji Nagar Extension III is Rs 3,850 per sq.ft, effective from 1 July 2024. This area is located in Madipakkam-1 village and falls under the Velacheri SRO. The land classification for this street is Residential Class I Type - I.

How the guideline value of Balaji Nagar Extension III has changed

The guideline value for Balaji Nagar Extension III has seen significant changes over the years. The 2017 revision set the value at Rs 2,345 per sq.ft, which increased to Rs 3,500 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 has further increased the guideline value to Rs 3,850 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, 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 in the register.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 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 for these streets is Rs 2,750 per sq.ft, placing Balaji Nagar Extension III's 2024 figure above that median.

• Balaji Nagar Extension II 35th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension II: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension/Kubera Nagar Extension: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 9th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 8th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 7th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar Extension III

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to 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.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Balaji Nagar Extension III?

The Sub Registrar Office that covers Balaji Nagar Extension III is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For more information, you can find your SRO.

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

The guideline value is a crucial factor 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, ensuring that these costs are calculated based on a standardized value set by the government.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures transparency and consistency in property transactions within the area.

Frequently asked questions

What is the current guideline value for Balaji Nagar Extension III?

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

How much has the guideline value changed since 2017?

Since 2017, the guideline value has increased from Rs 2,345 per sq.ft to Rs 3,850 per sq.ft in 2024, which is an overall increase of 64%.

What was the guideline value in 2023?

The guideline value for Balaji Nagar Extension III in 2023 was Rs 3,500 per sq.ft.

Are there any revisions without figures for this street?

Yes, the register has no figures for the years 2002, 2003, 2007, and 2012 for Balaji Nagar Extension III.

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.