Guideline Value for Balaji Nagar Extn-2 17th Street

Balaji Nagar Extn-2 17th Street guideline value

The current guideline value for Balaji Nagar Extn-2 17th Street is Rs 3,850 per sq.ft. This street is located in Madipakkam-1 village under the Velacheri SRO, and it falls under the Residential Class I Type - I land classification.

How the guideline value of Balaji Nagar Extn-2 17th Street has changed

The guideline value for Balaji Nagar Extn-2 17th Street has seen several revisions over the years. The earliest recorded value was in 2017 at Rs 2,345 per sq.ft, which increased to Rs 3,500 per sq.ft in 2023, marking a significant rise of 49%. The most recent revision in 2024 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%. 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 range from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value is Rs 2,750 per sq.ft, making the 2024 value for Balaji Nagar Extn-2 17th Street above that median.

• Balaji Nagar Extn-2 16th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extn-2 18th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extn-2 15th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extn-2 19th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extn-2 14th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extn-2 1st Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar Extn-2 17th Street

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 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 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 details.

Which Sub Registrar Office covers Balaji Nagar Extn-2 17th Street?

The Sub Registrar Office that covers Balaji Nagar Extn-2 17th 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 information.

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 determines the minimum price at which the property can be registered and is used to calculate the applicable stamp duty and registration fees.

When a property is sold, the sale price or the guideline value, whichever is higher, is considered for the calculation of these fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Balaji Nagar Extn-2 17th Street?

The current guideline value for Balaji Nagar Extn-2 17th Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How 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 is the registration office for Balaji Nagar Extn-2 17th Street?

The registration office for Balaji Nagar Extn-2 17th Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the stamp duty rate for properties in this area?

The stamp duty rate for properties in Balaji Nagar Extn-2 17th Street is 7% of the guideline value or the sale price, whichever is higher.

Where can I find more information about stamp duty and registration fees?

You can find more information and calculate the applicable fees using the stamp duty and registration fee calculator.