Guideline Value for BALARAMAN 1 TO 2 STREETS

Balaraman 1 To 2 Streets guideline value

The current guideline value of Balaraman 1 To 2 Streets in Nanmangalam village is Rs 1,960 per sq.ft, effective from 1 July 2024. This area falls under the Pallavaram SRO and is classified as Residential Class II Type - I.

How the guideline value of Balaraman 1 To 2 Streets has changed

The guideline value for Balaraman 1 To 2 Streets has seen several revisions over the years. The 2012 revision set the value at Rs 1,800 per sq.ft, which remained unchanged until the 2017 revision, where it decreased to Rs 1,206 per sq.ft, marking a decline of 33%. However, the value rebounded significantly in the 2023 revision to Rs 1,800 per sq.ft, and then increased again to Rs 1,960 per sq.ft in the 2024 revision, reflecting a 9% rise.

From 2017 to 2023, the guideline value increased by 49%. Overall, the guideline value has increased by 9% from the 2012 figure to the current 2024 figure. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Nanmangalam

Nanmangalam has a total of 139 streets under the Pallavaram SRO, with guideline values ranging from Rs 1,960 to Rs 3,850 per sq.ft as per the 2024 revision. The median value for these streets is Rs 2,750 per sq.ft, placing Balaraman 1 To 2 Streets below the median.

• Balaraman Street: Rs 1,960 per sq.ft (2024)
• Balakrishnan Street: Rs 1,980 per sq.ft (2024)
• Balasubramaniya Nagar: Rs 1,960 per sq.ft (2024)
• Bharath Avenue: Rs 1,960 per sq.ft (2024)
• Bharathi Street: Rs 1,960 per sq.ft (2024)
• Baharthiyar Street: Rs 1,960 per sq.ft (2024)

Stamp duty and registration fee for property in Balaraman 1 To 2 Streets

For a 1,000 sq.ft plot at the current guideline value of Rs 1,960 per sq.ft, the total guideline value would be Rs 19,60,000. The stamp duty at 7% would amount to Rs 1,37,200, and the registration fee at 2% would be Rs 39,200, bringing the total fees to Rs 1,76,400. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Balaraman 1 To 2 Streets?

The Balaraman 1 To 2 Streets are covered by the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Nanmangalam, as it determines the amount of stamp duty and registration fees payable during the sale or purchase of property. This value is set by the Registration Department and reflects the market conditions and property classifications in the area.

When registering a property, buyers and sellers must consider the guideline value, as it serves as a benchmark for calculating the associated costs. It is essential to ensure that the transaction adheres to these values to avoid any legal complications.

Frequently asked questions

What is the current guideline value of Balaraman 1 To 2 Streets?

The current guideline value of Balaraman 1 To 2 Streets is Rs 1,960 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2012 to Rs 1,206 per sq.ft in 2017, then back to Rs 1,800 per sq.ft in 2023, and finally to Rs 1,960 per sq.ft in 2024.

What is the land classification for Balaraman 1 To 2 Streets?

Balaraman 1 To 2 Streets is classified as Residential Class II Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office covering Balaraman 1 To 2 Streets is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is 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, a property valued at Rs 19,60,000 would incur a stamp duty of Rs 1,37,200 at a rate of 7%.