Guideline Value for Balaji Street

Balaji Street guideline value

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

How the guideline value of Balaji Street has changed

According to the guideline value register, there are no figures for Balaji Street for the years 2002, 2003, 2007, 2012, and 2017. The 2023 revision set the guideline value at Rs 3,500 per sq.ft, which was an increase from the previous revisions. The latest revision in 2024 has raised this figure to Rs 3,850 per sq.ft, marking a 10% increase from the 2023 value.

This change reflects the adjustments made in the guideline values over the years, with the most recent increase indicating a shift in the valuation for this street. The current figure is now above the median guideline value for streets in Madipakkam-1.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO carrying a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,750 per sq.ft, positioning Balaji Street's 2024 figure above this median.

• Balaji (Sri) Nagar Extension: Rs 3,850 per sq.ft (2024)
• Balaji Street, Srinivasa Nagar: Rs 3,850 per sq.ft (2024)
• Balaji Nagar Main Road: Rs 3,850 per sq.ft (2024)
• Balaji Nagar (Kuber Nagar Extn 9th Streets): Rs 3,850 per sq.ft (2024)
• Balaji Nagar (Kuber Nagar Extn 8th Streets): Rs 3,850 per sq.ft (2024)
• Balaji Nagar (Kuber Nagar Extn 7th Streets): Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Balaji 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, 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 duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Balaji Street?

Balaji Street is covered by 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 plays a crucial role during the registration process when buying or selling property in Madipakkam-1. It serves as the basis for calculating the stamp duty and registration fees that need to be paid to the government.

When a property transaction occurs, the guideline value is used to determine the minimum value on which these fees are calculated, ensuring that all transactions are recorded fairly and transparently.

Frequently asked questions

What is the current guideline value of Balaji Street?

The current guideline value of Balaji Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

There are no figures for Balaji Street for the years 2002, 2003, 2007, 2012, and 2017. The guideline value was Rs 3,500 per sq.ft in 2023, and it increased to Rs 3,850 per sq.ft in 2024.

What is the median guideline value in Madipakkam-1?

The median guideline value for streets in Madipakkam-1 is Rs 2,750 per sq.ft. Balaji Street's 2024 figure of Rs 3,850 per sq.ft is above this median.

What are the stamp duty and registration fees for a property on Balaji Street?

For a 1,000 sq.ft plot on Balaji Street, the total guideline value is 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 the registration for Balaji Street?

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