Guideline Value for Sri Balaji Nagar

Sri Balaji Nagar guideline value

The current guideline value of Sri 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 Sri Balaji Nagar has changed

The guideline value for Sri Balaji Nagar has seen several revisions over the years. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was Rs 3,500 per sq.ft, which increased by 10% to Rs 3,850 per sq.ft in the 2024 revision.

This increase reflects a shift in the valuation, moving from Rs 3,500 in 2023 to Rs 3,850 in 2024. The current value is a notable adjustment in the context of previous revisions, highlighting the evolving nature of property values in the area.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value in this village is Rs 2,750 per sq.ft, making the current value of Sri Balaji Nagar above that median.

• Sri Balaji Nagar/Kubera Nagar 10th Street: Rs 3,850 per sq.ft (2024)
• Sri Balaji Nagar/Kubera Nagar Extension 10th Street: Rs 3,850 per sq.ft (2024)
• Sri Arulmurugan Nagar Extension: Rs 2,200 per sq.ft (2024)
• S.P.R. Nagar, Emarald Street: Rs 2,200 per sq.ft (2024)
• SPR Nagar: Rs 2,200 per sq.ft (2024)
• Sridharan Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Balaji Nagar

For a 1,000 sq.ft plot at the current rate of Rs 3,850 per sq.ft, the guideline value amounts to 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, 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 or the sale price.

You can also use the stamp duty and registration fee calculator for more accurate estimates based on your specific property details.

Which Sub Registrar Office covers Sri Balaji Nagar?

The Sub Registrar Office that covers Sri Balaji Nagar 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 plays a crucial role during property registration in Madipakkam-1. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. This ensures that the transaction is officially recorded and that the appropriate taxes are collected by the government.

When buying or selling property, it is essential to consider the guideline value as it serves as a benchmark for the transaction. Buyers and sellers should be aware of the current guideline value to ensure a smooth registration process.

Frequently asked questions

What is the current guideline value of Sri Balaji Nagar?

The current guideline value of Sri 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 for Sri Balaji Nagar has gone through several revisions, with the most recent being Rs 3,850 per sq.ft in 2024, up from Rs 3,500 per sq.ft in 2023. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

What is the median guideline value in Madipakkam-1?

The median guideline value in Madipakkam-1 is Rs 2,750 per sq.ft. The current guideline value of Sri Balaji Nagar is above this median.

What are the stamp duty and registration fees for properties in Sri 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. These fees are based on the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Sri Balaji Nagar located?

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