Guideline Value for BALAMURUGAN 1ST CROSS STREET

Balamurugan 1st Cross Street guideline value

The current guideline value of Balamurugan 1st Cross Street is Rs 1,660 per sq.ft, effective from 1 July 2024. This street is located in Vanagaram village, under the Chennai South Joint I SRO, and is classified as Residential Class III Type - I.

How the guideline value of Balamurugan 1st Cross Street has changed

The guideline value for Balamurugan 1st Cross Street has seen several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which was then reduced to Rs 1,005 per sq.ft in 2017. Following this, the 2023 revision increased the value to Rs 1,500 per sq.ft, and the current 2024 revision has further raised it to Rs 1,660 per sq.ft, marking an increase of 11% from the previous year.

In summary, the changes between revisions show a significant increase of 49% from 2017 to 2023, while the value decreased by 33% from 2012 to 2017. Overall, from 2012 to 2024, the guideline value has increased by 11%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Vanagaram

In Vanagaram, there are 287 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 770 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 1,660 per sq.ft, which is equal to the current figure for Balamurugan 1st Cross Street.

• Balamurugan 2nd Cross Street: Rs 1,660 per sq.ft (2024)
• Balamurugan Street: Rs 770 per sq.ft (2024)
• Balaji Nagar Main Road: Rs 1,660 per sq.ft (2024)
• Balaji Nagar 3rd Street: Rs 1,660 per sq.ft (2024)
• Balaji Nagar 3rd Cross Street: Rs 1,660 per sq.ft (2024)
• Balaji Nagar 2nd Street: Rs 1,660 per sq.ft (2024)

Stamp duty and registration fee for property in Balamurugan 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,660 per sq.ft, the total guideline value would be Rs 16,60,000. The stamp duty at 7% would amount to Rs 1,16,200, and the registration fee at 2% would be Rs 33,200, leading to a total of Rs 1,49,400. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Balamurugan 1st Cross Street?

The Sub Registrar Office that covers Balamurugan 1st Cross Street 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 Vanagaram

The guideline value is a crucial factor when buying or selling property in Vanagaram, as it determines the minimum value at which the property can be registered. This value is set by the government and is updated periodically based on various factors, including market conditions and locality developments.

When registering a property, buyers must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Balamurugan 1st Cross Street?

The current guideline value of Balamurugan 1st Cross Street is Rs 1,660 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,660 per sq.ft in 2024.

What is the stamp duty rate for properties in this area?

The stamp duty rate for properties in Balamurugan 1st Cross Street is 7% of the guideline value or the sale price, whichever is higher.

Which Sub Registrar Office should I visit for property registration?

The Chennai South Joint I Sub Registrar Office covers Balamurugan 1st Cross Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What is the land classification for Balamurugan 1st Cross Street?

Balamurugan 1st Cross Street is classified as Residential Class III Type - I.