Guideline Value for Balaji Nagar Extension II

Balaji Nagar Extension II guideline value

The current guideline value of Balaji Nagar Extension II is Rs 3,850 per sq.ft, effective from 1 July 2024. This area 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 II has changed

The guideline value for Balaji Nagar Extension II has seen several revisions over the years. In 2017, the guideline value was Rs 2,345 per sq.ft. This increased to Rs 3,500 per sq.ft in the 2023 revision, marking a significant rise of 49%. The most recent revision in 2024 set 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 provide figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for the village is Rs 2,750 per sq.ft, placing Balaji Nagar Extension II's 2024 figure above this median.

• Balaji Nagar Extension 9th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension II 35th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 8th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension III: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 7th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extension 6th Street: Rs 3,850 per sq.ft (2024)

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

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 higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Balaji Nagar Extension II?

The Sub Registrar Office that covers Balaji Nagar Extension II 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 information.

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

The guideline value is a crucial factor in property transactions in Madipakkam-1, as it determines the minimum price at which property can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with registration requirements.

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 state government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Balaji Nagar Extension II?

The current guideline value of Balaji Nagar Extension II 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 an overall increase of 64% over this period.

What are the stamp duty and registration fees for property in Balaji Nagar Extension II?

The stamp duty is charged at 7% and the registration fee at 2% of the guideline value or sale price, whichever is higher. 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 II?

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

What is the land classification of Balaji Nagar Extension II?

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