Guideline Value for BALARAMAN STREET

Balaraman Street guideline value

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

How the guideline value of Balaraman Street has changed

In the 2012 revision, the guideline value was Rs 1,800 per sq.ft. This value remained unchanged until the 2017 revision, which saw a decrease to Rs 1,206 per sq.ft, marking a 33% drop. Following this, the value increased significantly to Rs 1,800 per sq.ft in the 2023 revision, and then rose again to Rs 1,960 per sq.ft in the 2024 revision, reflecting a 9% increase.

From the 2017 revision to the 2023 revision, the guideline value increased by 49%. Overall, from the 2012 revision to the 2024 revision, there has been a 9% increase in the guideline value. The register has no figures for Balaraman Street for the years 2002, 2003, and 2007.

Guideline values in Nanmangalam

Nanmangalam village has a total of 139 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,960 to Rs 3,850 per sq.ft. The median guideline value in this area is Rs 2,750 per sq.ft, placing Balaraman Street's current value below this median.

• Balaraman 1 To 2 Streets: Rs 1,960 per sq.ft (2024)
• Balasubramaniya Nagar: Rs 1,960 per sq.ft (2024)
• Balakrishnan Street: Rs 1,980 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 Street

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, while the registration fee at 2% would be Rs 39,200. Together, the total cost for these fees would be Rs 1,76,400. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Balaraman Street?

Balaraman Street is 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 details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Nanmangalam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in official documents.

When a property is sold, the buyer must pay stamp duty and registration fees 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 Balaraman Street?

The current guideline value of Balaraman Street 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 of Balaraman Street?

Balaraman Street is classified as Residential Class II Type - I, which indicates its designation for residential use.

Where is the Pallavaram Sub Registrar Office located?

The Pallavaram Sub Registrar Office is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone.

How is the stamp duty calculated for properties in Balaraman Street?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher. For example, for a property valued at Rs 19,60,000, the stamp duty would be Rs 1,37,200.