Guideline Value for Balaji Nagar Extn-2 36th Street

Balaji Nagar Extn-2 36th Street guideline value

The current guideline value of Balaji Nagar Extn-2 36th 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, classified as Residential Class I Type - I.

How the guideline value of Balaji Nagar Extn-2 36th Street has changed

The guideline value for Balaji Nagar Extn-2 36th Street has undergone several revisions over the years. The oldest available revision is from 2017, where the value was Rs 2,345 per sq.ft. This figure increased significantly to Rs 3,500 per sq.ft in 2023, marking a 49% rise. The most recent revision in 2024 saw the value increase further by 10% to Rs 3,850 per sq.ft, resulting in an overall increase of 64% from the 2017 figure.

For the years 2002, 2003, 2007, and 2012, the register shows no figure for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 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 area is Rs 2,750 per sq.ft, placing Balaji Nagar Extn-2 36th Street's 2024 figure above this median.

• Balaji Nagar Extn-2 35th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extn-2 37th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extn-2 34th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extn-2 4th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extn-2 33th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Extn-2 5th Cross Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar Extn-2 36th 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 amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, leading to a total cost of Rs 3,46,500. Please note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Balaji Nagar Extn-2 36th Street?

The Sub Registrar Office covering Balaji Nagar Extn-2 36th 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 during the registration of property transactions in Madipakkam-1. It serves as a benchmark for calculating the stamp duty and registration fees that must be paid when buying or selling property in the area.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to determine the applicable duties. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Balaji Nagar Extn-2 36th Street?

The current guideline value of Balaji Nagar Extn-2 36th 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 changed from Rs 2,345 per sq.ft in 2017 to Rs 3,500 per sq.ft in 2023, and then to Rs 3,850 per sq.ft in 2024. This reflects an overall increase of 64% from the 2017 figure.

What is the land classification for Balaji Nagar Extn-2 36th Street?

Balaji Nagar Extn-2 36th Street is classified as Residential Class I Type - I under the Velacheri SRO.

Where can I find the Velacheri Sub Registrar Office?

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

How is stamp duty calculated for properties in Balaji Nagar Extn-2 36th Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 38,50,000 would incur a stamp duty of Rs 2,69,500 at 7%.