Guideline Value for Balaji Nagar Extn-2 26th Street

Balaji Nagar Extn-2 26th Street guideline value

The current guideline value of Balaji Nagar Extn-2 26th 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 it falls under the Residential Class I Type - I land classification.

How the guideline value of Balaji Nagar Extn-2 26th Street has changed

The guideline value for Balaji Nagar Extn-2 26th Street has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 3,850 per sq.ft, which reflects a 10% increase from the 2023 revision of Rs 3,500 per sq.ft. Prior to that, the 2017 revision recorded a guideline value of Rs 2,345 per sq.ft, marking a significant increase of 49% from 2017 to 2023 and an overall increase of 64% from 2017 to 2024.

It is important to note that the register has no figures for the revisions in 2002, 2003, 2007, and 2012 for this street. The historical data indicates a steady increase in the guideline value, culminating in the current rate.

Guideline values in Madipakkam-1

In Madipakkam-1, there are a total of 1823 streets under the Velacheri SRO carrying a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. The guideline value of Balaji Nagar Extn-2 26th Street is above this median.

• Balaji Nagar Extn-2 25th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extn-2 27th 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 28th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extn-2 23rd Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extn-2 29th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar Extn-2 26th 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, while the registration fee at 2% would be Rs 77,000, bringing the total cost for these 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 precise calculations based on your property details.

Which Sub Registrar Office covers Balaji Nagar Extn-2 26th Street?

The Sub Registrar Office covering Balaji Nagar Extn-2 26th Street 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 minimum value at which a property can be registered, ensuring that transactions are conducted fairly and transparently.

When registering a property, buyers must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the state receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Balaji Nagar Extn-2 26th Street?

The current guideline value of Balaji Nagar Extn-2 26th Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How 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, marking a 64% overall increase over this period.

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

For a property valued at 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 for these fees.

Which office do I need to visit for registration?

The Velacheri Sub Registrar Office is responsible for registrations in Balaji Nagar Extn-2 26th Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Balaji Nagar Extn-2 26th Street?

Balaji Nagar Extn-2 26th Street is classified as Residential Class I Type - I, indicating its suitability for residential purposes.