Guideline Value for Balaji Nagar

Balaji Nagar guideline value

The current guideline value of Balaji Nagar, located in Madipakkam-1 village, under the Velacheri SRO, is Rs 3,850 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class I Type - I land classification.

How the guideline value of Balaji Nagar has changed

The guideline value for Balaji Nagar has seen significant changes over the years. The earliest recorded figure is from the 2017 revision, which was Rs 2,345 per sq.ft. This value increased to Rs 3,500 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 has set the value at Rs 3,850 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the current 2024 revision, the guideline value has increased by 64%. It is important to note that there are no recorded 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 that carry 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 for Balaji Nagar is above this median.

• Balaji Nagar 10th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 11th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 12th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 13th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 14th Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 15th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji Nagar

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, making the total cost for stamp duty and registration 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?

The Velacheri Sub Registrar Office covers Balaji Nagar. The address is 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 applicable stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling property, the guideline value helps both parties understand the minimum value at which the property should be registered. This ensures transparency and compliance with local regulations during the transaction process.

Frequently asked questions

What is the current guideline value of Balaji Nagar?

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

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

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.

Which office handles registrations for Balaji Nagar?

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

What is the land classification for Balaji Nagar?

Balaji Nagar falls under the Residential Class I Type - I land classification, indicating its designation for residential use.