Guideline Value for BALASUBRAMANIYAM NAGAR

Balasubramaniyam Nagar guideline value

The current guideline value of Balasubramaniyam Nagar is Rs 550 per sq.ft, effective from 1 July 2024. This area is located in Sholavaram village, under the jurisdiction of the Redhills SRO. The land classification for this locality is Residential Class III Type - I.

How the guideline value of Balasubramaniyam Nagar has changed

The guideline value for Balasubramaniyam Nagar has seen several revisions over the years. In 2012, the guideline value was set at Rs 500 per sq.ft. This figure decreased to Rs 335 per sq.ft in 2017. The value then increased significantly to Rs 500 per sq.ft in 2023, and currently stands at Rs 550 per sq.ft from the 2024 revision, marking a 10% increase from the previous year.

From 2012 to 2017, there was a decrease of 33%, but from 2017 to 2023, the value rose by 49%. Overall, from 2012 to 2024, there has been a 10% increase in the guideline value. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Sholavaram

In Sholavaram, there are 98 streets under the Redhills SRO that carry a 2024 guideline value, ranging from Rs 515 to Rs 3,500 per sq.ft. The median value for these streets is Rs 660 per sq.ft, making the 2024 guideline value for Balasubramaniyam Nagar below that median.

• Balamurugan Nagar Extention: Rs 770 per sq.ft (2024)
• Bala Murugan Nagar Annex: Rs 550 per sq.ft (2024)
• Balamurugan Nagar: Rs 550 per sq.ft (2024)
• Bajanai Koil Street: Rs 660 per sq.ft (2024)
• At FUTURE CITY: Rs 550 per sq.ft (2024)
• Asokar Street: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in Balasubramaniyam Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value amounts to Rs 5,50,000. The stamp duty at 7% would be Rs 38,500, and the registration fee at 2% would be Rs 11,000, leading to a total of Rs 49,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Balasubramaniyam Nagar?

The Sub Registrar Office that covers Balasubramaniyam Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Sholavaram. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on the official valuation set by the Registration Department.

When buying or selling property, the guideline value is used to determine the appropriate fees that need to be paid at the time of registration. This ensures transparency and consistency in property transactions within the region.

Frequently asked questions

What is the current guideline value of Balasubramaniyam Nagar?

The current guideline value of Balasubramaniyam Nagar is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2012 to Rs 335 per sq.ft in 2017, then to Rs 500 per sq.ft in 2023, and currently stands at Rs 550 per sq.ft in 2024.

What is the land classification for Balasubramaniyam Nagar?

Balasubramaniyam Nagar is classified as Residential Class III Type - I.

Where can I find the Redhills Sub Registrar Office?

The Redhills Sub Registrar Office is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is the stamp duty calculated for properties in Balasubramaniyam Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For a 1,000 sq.ft plot at the current rate, the stamp duty would be Rs 38,500.