Guideline Value for BALA MURUGAN NAGAR

Bala Murugan Nagar guideline value

The current guideline value of Bala Murugan Nagar is Rs 300 per sq.ft, effective from 1 July 2024. This area is located in Kovilkuppam village and falls under the Manavalanagar SRO. The land classification for this street is Residential Class III Type - I.

How the guideline value of Bala Murugan Nagar has changed

In the 2012 revision, the guideline value was Rs 300 per sq.ft. It then decreased to Rs 201 per sq.ft in 2017, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly by 49%, bringing it back to Rs 300 per sq.ft. The 2024 revision has maintained this value at Rs 300 per sq.ft, showing no change from the previous year.

The register has no figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has remained unchanged at Rs 300 per sq.ft.

Guideline values in Kovilkuppam

In Kovilkuppam, there are 68 streets under the Manavalanagar SRO that carry a 2024 guideline value ranging from Rs 300 to Rs 800 per sq.ft, with a median value of Rs 350 per sq.ft. The guideline value for Bala Murugan Nagar is below this median.

• Balaji Avenue: Rs 450 per sq.ft (2024)
• Bhavani Nagar: Rs 350 per sq.ft (2024)
• Brittania Nagar: Rs 300 per sq.ft (2024)
• Chinnasamy Avenue: Rs 300 per sq.ft (2024)
• Annai Rajeswarai Nagar: Rs 300 per sq.ft (2024)
• D.N.S.nagar: Rs 301 per sq.ft (2024)

Stamp duty and registration fee for property in Bala Murugan Nagar

For a 1,000 sq.ft plot at the current rate of Rs 300 per sq.ft, the guideline value amounts to Rs 3,00,000. The stamp duty at 7% would be Rs 21,000, and the registration fee at 2% would be Rs 6,000, totaling Rs 27,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Bala Murugan Nagar?

The Sub Registrar Office that covers Bala Murugan Nagar is the Manavalanagar Sub Registrar Office, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Kovilkuppam

The guideline value is a critical factor in the registration process of property transactions in Kovilkuppam. It serves as the basis for calculating stamp duty and registration fees, ensuring that these charges are aligned with the official valuation of the property.

When buying or selling property, it is essential to be aware of the guideline value as it can influence the overall cost of the transaction. Buyers should ensure that the sale price is at least equal to the guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Bala Murugan Nagar?

The current guideline value of Bala Murugan Nagar is Rs 300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 300 per sq.ft in the 2023 and 2024 revisions. It decreased to Rs 201 per sq.ft in 2017 from Rs 300 per sq.ft in 2012, before increasing again to Rs 300 per sq.ft in 2023.

What is the land classification for Bala Murugan Nagar?

Bala Murugan Nagar is classified as Residential Class III Type - I, indicating its intended use for residential purposes.

What are the guideline values of other streets in Kovilkuppam?

Other streets in Kovilkuppam have varying guideline values, with rates ranging from Rs 300 to Rs 800 per sq.ft. For example, Balaji Avenue has a guideline value of Rs 450 per sq.ft, while several streets, including Brittania Nagar and Chinnasamy Avenue, have a value of Rs 300 per sq.ft.

Where can I find the Sub Registrar Office for Bala Murugan Nagar?

The Sub Registrar Office for Bala Murugan Nagar is located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai. This office handles all registration activities for the area.