Guideline Value for Balaji Nagar Extn-2 23rd Street

Balaji Nagar Extn-2 23rd Street guideline value

The current guideline value of Balaji Nagar Extn-2 23rd 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 Extn-2 23rd Street has changed

The guideline value for Balaji Nagar Extn-2 23rd Street has seen several revisions over the years. The 2017 revision set the value at Rs 2,345 per sq.ft. This increased significantly to Rs 3,500 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 established the current rate at Rs 3,850 per sq.ft, which is 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 the register has no 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 value for these streets is Rs 2,750 per sq.ft, placing Balaji Nagar Extn-2 23rd Street's 2024 figure above the median.

• Balaji Nagar Extn-2 22nd Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extn-2 24th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extn-2 21st Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extn-2 25th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extn-2 20th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extn-2 26th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar Extn-2 23rd Street

For a 1,000 sq.ft plot at the current guideline value, the total guideline value amounts to Rs 38,50,000. The stamp duty, calculated at 7%, would be Rs 2,69,500, while 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 and the sale price.

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

Which Sub Registrar Office covers Balaji Nagar Extn-2 23rd Street?

The Sub Registrar Office covering Balaji Nagar Extn-2 23rd 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 is a crucial factor during the registration of property transactions 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 authorities.

When buying or selling property, the guideline value helps to establish a fair price for the transaction, which is particularly important for legal and taxation purposes. Buyers and sellers should be aware of the current guideline value to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Balaji Nagar Extn-2 23rd Street?

The current guideline value of Balaji Nagar Extn-2 23rd Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed in recent years?

Since the 2017 revision, the guideline value has increased by 64% to the current rate of Rs 3,850 per sq.ft in 2024. The most significant increase occurred between 2017 and 2023, with a rise of 49%.

What are the stamp duty and registration fees for a property in this area?

For a property valued at the current guideline value of Rs 38,50,000, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Which office handles property registrations for Balaji Nagar Extn-2 23rd Street?

The Velacheri Sub Registrar Office handles property registrations for Balaji Nagar Extn-2 23rd Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Balaji Nagar Extn-2 23rd Street?

Balaji Nagar Extn-2 23rd Street is classified as Residential Class I Type - I, indicating its designation for residential use within the area.