Guideline Value for BALAM ESTATE

Balam Estate guideline value

The current guideline value of Balam Estate in Thiruvanmiyur village, under the Chennai South Joint I SRO, is Rs 7,150 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class IV Type - I.

How the guideline value of Balam Estate has changed

The guideline value for Balam Estate has seen significant changes over the years. In the 2002 revision, the value was Rs 752 per sq.ft. This increased to Rs 832 per sq.ft in 2003, marking an 11% rise. The following revisions showed a substantial increase, with the value jumping to Rs 1,300 per sq.ft in 2007, a 56% increase. The 2012 revision saw the value remain at Rs 6,500 per sq.ft, and then it dropped to Rs 4,355 per sq.ft in 2017, which was a decrease of 33%.

From 2017 to 2023, the guideline value rose significantly to Rs 6,500 per sq.ft, reflecting a 49% increase. The most recent revision in 2024 has set the value at Rs 7,150 per sq.ft, which is a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 851%.

Guideline values in Thiruvanmiyur

In Thiruvanmiyur, there are 484 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 3,520 to Rs 12,660 per sq.ft. The median value for these streets is Rs 9,900 per sq.ft, placing Balam Estate's 2024 figure below that median.

• Balakrishna Street: Rs 12,650 per sq.ft (2024)
• Balu Avenue: Rs 7,150 per sq.ft (2024)
• Banu Avenue: Rs 7,150 per sq.ft (2024)
• Balaji Nagar (Avvai Nagar): Rs 7,150 per sq.ft (2024)
• Beach Road: Rs 12,650 per sq.ft (2024)
• Beach Road Kuppam (Singaravelan Nagar): Rs 7,150 per sq.ft (2024)

Stamp duty and registration fee for property in Balam Estate

For a 1,000 sq.ft plot at the current guideline value of Rs 7,150 per sq.ft, the total guideline value would be Rs 71,50,000. The stamp duty at 7% would amount to Rs 5,00,500, and the registration fee at 2% would be Rs 1,43,000, bringing the total to Rs 6,43,500. Please note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Balam Estate?

The Sub Registrar Office that covers Balam Estate is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Thiruvanmiyur. It serves as a benchmark for calculating the stamp duty and registration fees that must be paid during the transaction. This ensures that the government receives the appropriate revenue from property transactions.

When a property is registered, the guideline value is compared with the sale price. The higher of the two values is used to determine the applicable stamp duty and registration fees. This process helps maintain transparency and fairness in property transactions.

Frequently asked questions

What is the current guideline value of Balam Estate?

The current guideline value of Balam Estate is Rs 7,150 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 752 per sq.ft in 2002 to Rs 7,150 per sq.ft in 2024, reflecting an overall increase of 851%.

What is the land classification for Balam Estate?

Balam Estate is classified as Residential Class IV Type - I under the Chennai South Joint I SRO.

What are the stamp duty and registration fees for a property in Balam Estate?

For a 1,000 sq.ft plot, the total guideline value is Rs 71,50,000, leading to a stamp duty of Rs 5,00,500 and a registration fee of Rs 1,43,000, totaling Rs 6,43,500.

Which Sub Registrar Office covers Balam Estate?

The Chennai South Joint I Sub Registrar Office covers Balam Estate, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.