Guideline Value for BALAMURUGAN GARDEN

Balamurugan Garden guideline value

The current guideline value of Balamurugan Garden is Rs 6,600 per sq.ft, effective from 1 July 2024. This area is located in Okkiyamthuraipakkam village, under the Neelankarai SRO, and is classified as Residential Special Type - I.

How the guideline value of Balamurugan Garden has changed

The guideline value for Balamurugan Garden has undergone several revisions over the years. Starting from the 2003 revision, the value was Rs 183 per sq.ft. It increased significantly to Rs 2,198 per sq.ft in 2007, marking a rise of 1101%. The value then saw a substantial increase to Rs 6,000 per sq.ft in 2012, an increase of 173%. However, it dropped to Rs 4,020 per sq.ft in 2017, reflecting a decrease of 33%. The next revision in 2023 brought the value up to Rs 6,000 per sq.ft, a rise of 49%, followed by the latest revision in 2024, which set the value at Rs 6,600 per sq.ft, a 10% increase from the previous year.

It is important to note that the register has no figure for the year 2002 for this street. Overall, from 2003 to 2024, the guideline value has increased by 3507%.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO, with guideline values for 2024 ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value is Rs 3,300 per sq.ft, and Balamurugan Garden's 2024 figure is above this median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value would be Rs 66,00,000. The stamp duty at 7% would amount to Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, making the total fees together Rs 5,94,000. It is important to note that 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 Balamurugan Garden?

The Balamurugan Garden area is covered by 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 is a crucial factor in the registration process when buying or selling property in Okkiyamthuraipakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the buyer must pay the applicable stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Balamurugan Garden?

The current guideline value of Balamurugan Garden is Rs 6,600 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 183 per sq.ft in 2003 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of 3507% over this period.

What is the land classification for Balamurugan Garden?

Balamurugan Garden is classified as Residential Special Type - I, indicating its designation for residential purposes.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is 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 Balamurugan Garden?

Stamp duty for properties in Balamurugan Garden is calculated based on the guideline value or the sale price, whichever is higher. The current rate is 7% for stamp duty and 2% for the registration fee.