Guideline Value for BALAMURUGAN STREET

Balamurugan Street guideline value

The current guideline value of Balamurugan Street in Vanagaram village is Rs 770 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class V Type - III.

How the guideline value of Balamurugan Street has changed

The guideline value for Balamurugan Street has seen several revisions over the years. In 2012, the value was Rs 700 per sq.ft, which decreased to Rs 469 per sq.ft in 2017. This was a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 700 per sq.ft, marking a rise of 49%. The most recent revision in 2024 has set the value at Rs 770 per sq.ft, which is a 10% increase from the previous year.

There are no figures available for the years 2002, 2003, and 2007 in the register for Balamurugan Street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Vanagaram

In Vanagaram, there are 287 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 770 to Rs 5,500 per sq.ft. The median guideline value is Rs 1,660 per sq.ft, placing Balamurugan Street's value below this median.

• Balamurugan 2nd Cross Street: Rs 1,660 per sq.ft (2024)
• Balamurugan 1st Cross Street: Rs 1,660 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 Street

For a 1,000 sq.ft plot at the current rate of Rs 770 per sq.ft, the guideline value amounts to Rs 7,70,000. The stamp duty at 7% would be Rs 53,900, and the registration fee at 2% would be Rs 15,400, totaling Rs 69,300. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Balamurugan Street?

Balamurugan Street is covered by 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 in the registration process when buying or selling property in Vanagaram. It helps determine the stamp duty and registration fees that are applicable, ensuring that the transaction is legally recognized and documented.

When a property is sold, the guideline value is used to calculate the fees, which are based on the higher of the guideline value or the sale price. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Balamurugan Street?

The current guideline value of Balamurugan Street is Rs 770 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 700 per sq.ft in 2012 to Rs 469 per sq.ft in 2017, then increased to Rs 700 per sq.ft in 2023, and finally to Rs 770 per sq.ft in 2024.

What is the land classification of Balamurugan Street?

Balamurugan Street is classified as Residential Class V Type - III under the Chennai South Joint I SRO.

What are the other streets in Vanagaram with similar guideline values?

Other streets in Vanagaram, such as Balamurugan 1st Cross Street and Balaji Nagar Main Road, have a guideline value of Rs 1,660 per sq.ft in 2024, which is significantly higher than that of Balamurugan Street.

Where can I find more information about the registration process?

More information about the registration process can be found at the Chennai South Joint I Sub Registrar Office, or you can use the find your SRO link for further assistance.