Guideline Value for BALAMURUGAN GARDEN 2nd CROSS STREET

BALAMURUGAN GARDEN 2nd CROSS STREET guideline value

The current guideline value of BALAMURUGAN GARDEN 2nd CROSS STREET is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Okkiyamthuraipakkam village, under the Neelankarai SRO, and falls under the Residential Special Type - III land classification.

How the guideline value of BALAMURUGAN GARDEN 2nd CROSS STREET has changed

The guideline value for BALAMURUGAN GARDEN 2nd CROSS STREET has seen several revisions over the years. In 2012, the guideline value was Rs 5,000 per sq.ft, which then decreased to Rs 3,350 per sq.ft in 2017. Following this, the value increased significantly to Rs 5,000 per sq.ft in 2023, and then further rose to Rs 5,500 per sq.ft in 2024, marking a 10% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register does not have figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value for BALAMURUGAN GARDEN 2nd CROSS STREET is above this median.

• BALAMURUGAN GARDEN 1st MAIN ROAD: Rs 6,600 per sq.ft (2024)
• BALAMURUGAN GARDEN 2nd MAIN ROAD: Rs 6,100 per sq.ft (2024)
• BALAMURUGAN GARDEN 1st CROSS STREET: Rs 5,500 per sq.ft (2024)
• BALAMURUGAN GARDEN 3rd CROSS STREET: Rs 5,500 per sq.ft (2024)
• Balamurugan Garden: Rs 6,600 per sq.ft (2024)
• BALAMURUGAN GARDEN 3rd MAIN ROAD: Rs 6,100 per sq.ft (2024)

Stamp duty and registration fee for property in BALAMURUGAN GARDEN 2nd CROSS STREET

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, resulting in a total of Rs 4,95,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers BALAMURUGAN GARDEN 2nd CROSS STREET?

The Sub Registrar Office that covers BALAMURUGAN GARDEN 2nd CROSS STREET is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Okkiyamthuraipakkam. 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 government receives the appropriate revenue from property transactions.

When buying or selling property, it is essential to be aware of the current guideline value as it affects the overall cost of the transaction. Buyers should ensure that they are prepared for the financial implications of these fees based on the guideline value.

Frequently asked questions

What is the current guideline value of BALAMURUGAN GARDEN 2nd CROSS STREET?

The current guideline value of BALAMURUGAN GARDEN 2nd CROSS STREET is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 5,000 per sq.ft in 2023 to Rs 5,500 per sq.ft in 2024. It was Rs 3,350 per sq.ft in 2017 and Rs 5,000 per sq.ft in 2012.

What is the land classification for BALAMURUGAN GARDEN 2nd CROSS STREET?

BALAMURUGAN GARDEN 2nd CROSS STREET is classified as Residential Special Type - III.

Which office handles registrations for this area?

The Neelankarai Sub Registrar Office handles registrations for BALAMURUGAN GARDEN 2nd CROSS STREET, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 at a rate of 7%.