Guideline Value for BALAMURUGAN NAGAR 1 TO 9 STREETS

Balamurugan Nagar 1 To 9 Streets guideline value

The current guideline value for Balamurugan Nagar 1 To 9 Streets is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is located in Kilkattalai village and falls under the Pallavaram SRO. The land classification for this street is Residential Special Type - I.

How the guideline value of Balamurugan Nagar 1 To 9 Streets has changed

The guideline value for Balamurugan Nagar 1 To 9 Streets has seen several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which was a decrease of 33% from the Rs 1,675 per sq.ft recorded in the 2017 revision. The value remained at Rs 2,500 per sq.ft until the 2023 revision, which increased it to Rs 2,500 per sq.ft. The most recent 2024 revision has raised the guideline value to Rs 2,750 per sq.ft, marking a 10% increase from the previous year.

It is important to note that there are no recorded figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Kilkattalai

In Kilkattalai, there are 194 streets under the Pallavaram SRO with a 2024 guideline value ranging from Rs 1,080 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,530 per sq.ft, placing Balamurugan Nagar 1 To 9 Streets above this median.

• Balamurugan Nagar: Rs 2,750 per sq.ft (2024)
• Balaram Nagar: Rs 2,200 per sq.ft (2024)
• Baskar Nagar: Rs 2,530 per sq.ft (2024)
• Baskar Nagar 1 And 2nd Streets: Rs 2,530 per sq.ft (2024)
• Baskar Nagar 1st & 2nd Cross Street: Rs 2,530 per sq.ft (2024)
• Balaji Nagar: Rs 1,980 per sq.ft (2024)

Stamp duty and registration fee for property in Balamurugan Nagar 1 To 9 Streets

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty is charged at 7%, amounting to Rs 1,92,500, while the registration fee is 2%, which equals Rs 55,000. Together, the total cost for stamp duty and registration fee would be Rs 2,47,500. 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 Nagar 1 To 9 Streets?

The Sub Registrar Office that covers Balamurugan Nagar 1 To 9 Streets is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Kilkattalai. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the registration process. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is sold, the guideline value is used to assess the applicable charges, ensuring that the transaction is recorded at a fair value as per government standards. This helps maintain transparency and accountability in real estate transactions.

Frequently asked questions

What is the current guideline value for Balamurugan Nagar 1 To 9 Streets?

The current guideline value for Balamurugan Nagar 1 To 9 Streets is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2023 to Rs 2,750 per sq.ft in 2024, marking a 10% increase. It was Rs 1,675 per sq.ft in 2017, which was a 49% increase from that year to 2023.

What is the land classification for Balamurugan Nagar 1 To 9 Streets?

The land classification for Balamurugan Nagar 1 To 9 Streets is Residential Special Type - I. This classification indicates the type of development permissible in the area.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For example, for a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000.

Which Sub Registrar Office covers this area?

The Pallavaram Sub Registrar Office covers Balamurugan Nagar 1 To 9 Streets. It is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.