Guideline Value for BALAMURUGAN STREET

Balamurugan Street guideline value

The current guideline value of Balamurugan Street is Rs 5,400 per sq.ft, effective from 1 July 2024. This street is located in Perambur village under the Purasaivakkam SRO, classified as Residential Class I Type - I.

How the guideline value of Balamurugan Street has changed

The guideline value for Balamurugan Street has seen significant changes over the years. Starting from the 2002 revision, the value was Rs 420 per sq.ft. It increased to Rs 461 per sq.ft in 2003, marking a 10% rise. The value continued to climb, reaching Rs 800 per sq.ft in 2007, which was a substantial increase of 74%. However, it then jumped dramatically to Rs 5,000 per sq.ft in 2012, reflecting a 525% increase.

The 2017 revision saw a decrease to Rs 3,350 per sq.ft, a decline of 33%. This was followed by a significant increase to Rs 5,000 per sq.ft in 2023, before reaching the current guideline value of Rs 5,400 per sq.ft in 2024, an increase of 8% from the previous year. There are no figures available for the revisions in years not listed.

Guideline values in Perambur

In Perambur village, there are 1,114 streets under the Purasaivakkam SRO that carry a 2024 guideline value ranging from Rs 1,600 to Rs 7,100 per sq.ft. The median guideline value for these streets is Rs 2,700 per sq.ft, placing Balamurugan Street's 2024 figure above that median.

• Bangaru Street: Rs 2,200 per sq.ft (2024)
• Balakrishna Mudali Street: Rs 3,800 per sq.ft (2024)
• Barathamatha 1st Street: Rs 3,800 per sq.ft (2024)
• Barathamatha 2nd Street: Rs 3,800 per sq.ft (2024)
• Barathamatha 3rd Street: Rs 3,800 per sq.ft (2024)
• Barathamatha Street: Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in Balamurugan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,400 per sq.ft, the total guideline value would be Rs 54,00,000. The stamp duty at 7% would amount to Rs 3,78,000, and the registration fee at 2% would be Rs 1,08,000, totaling Rs 4,86,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Balamurugan Street?

Balamurugan Street falls under the jurisdiction of the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Perambur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures transparency and consistency in property transactions, as it reflects the official valuation set by the government.

Frequently asked questions

What is the current guideline value of Balamurugan Street?

The current guideline value of Balamurugan Street is Rs 5,400 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 420 per sq.ft in 2002 to Rs 5,400 per sq.ft in 2024, showing an overall increase of 1,186% over the years.

What is the land classification for Balamurugan Street?

Balamurugan Street is classified as Residential Class I Type - I, which indicates its suitability for residential purposes.

Where can I find the Sub Registrar Office for Balamurugan Street?

The Sub Registrar Office covering Balamurugan Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is stamp duty calculated for property in Balamurugan Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a total stamp duty of Rs 3,78,000.