Guideline Value for T.R.Balu Street

T.R.Balu Street guideline value

The current guideline value of T.R.Balu Street in Madipakkam-1 village, under the Velacheri SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - I land classification.

How the guideline value of T.R.Balu Street has changed

The guideline value register for T.R.Balu Street shows no figures for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was Rs 2,000 per sq.ft, which increased by 10% to Rs 2,200 per sq.ft in the 2024 revision.

This increase from Rs 2,000 to Rs 2,200 per sq.ft reflects a notable adjustment in the guideline value within a year. The most recent revision in 2024 marks the current value for this street.

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 for the area is Rs 2,750 per sq.ft, positioning T.R.Balu Street's 2024 figure below this median.

• Ullagaram Adithiravidar Colony Mayana Salai: Rs 2,750 per sq.ft (2024)
• Ullagaram Puzhuthivakkam Link Road: Rs 2,750 per sq.ft (2024)
• Unnmai Nagar: Rs 1,650 per sq.ft (2024)
• Unnmai Nagar 1st Street: Rs 1,650 per sq.ft (2024)
• Unnmai Nagar 2nd Street: Rs 1,650 per sq.ft (2024)
• Tholkappiar Avenue: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in T.R.Balu Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. Duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers T.R.Balu Street?

The Sub Registrar Office that covers T.R.Balu 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 plays a crucial role during the registration of property transactions in Madipakkam-1. It is the basis for calculating the stamp duty and registration fees that buyers and sellers must pay when completing a property transaction.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to determine the applicable duties. This ensures that the transaction is recorded accurately and complies with local regulations.

Frequently asked questions

What is the current guideline value of T.R.Balu Street?

The current guideline value of T.R.Balu Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed in recent years?

The guideline value for T.R.Balu Street was Rs 2,000 per sq.ft in 2023 and increased to Rs 2,200 per sq.ft in 2024, marking a 10% rise.

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, which is higher than the current value of T.R.Balu Street.

What are the stamp duty rates for properties in T.R.Balu Street?

The stamp duty rate for properties in T.R.Balu Street is 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for T.R.Balu Street?

The Velacheri Sub Registrar Office, which covers T.R.Balu Street, is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.