Guideline Value for Bala Vinayagar Murthy Colony

Bala Vinayagar Murthy Colony guideline value

The current guideline value of Bala Vinayagar Murthy Colony is Rs 3,300 per sq.ft, effective from 1 July 2024. This colony is located in Nanganallur village under the Alandur SRO, classified as Residential Class I Type - III.

How the guideline value of Bala Vinayagar Murthy Colony has changed

The guideline value for Bala Vinayagar Murthy Colony has seen significant changes over the years. In 2002, the guideline value was Rs 292 per sq.ft, which increased to Rs 332 per sq.ft in 2003, marking a 14% rise. Following this, the value surged to Rs 805 per sq.ft in 2007, reflecting a substantial increase of 142%. The value then jumped dramatically to Rs 3,000 per sq.ft in 2012, which was a 273% increase from the previous revision. However, it dropped to Rs 2,010 per sq.ft in 2017, a decrease of 33%.

From 2017 to 2023, the value rose significantly by 49% to reach Rs 3,000 per sq.ft. The most recent revision in 2024 has seen another increase of 10%, bringing the current guideline value to Rs 3,300 per sq.ft. There are no figures available for the years not listed in the register for this street.

Guideline values in Nanganallur

In Nanganallur, there are 155 streets under the Alandur SRO, with 2024 guideline values ranging from Rs 2,800 to Rs 6,600 per sq.ft. The median guideline value for these streets is Rs 3,900 per sq.ft, indicating that Bala Vinayagar Murthy Colony's current 2024 figure is below this median.

• Bala Vinayagar Koil Street: Rs 3,300 per sq.ft (2024)
• Balu Samy Naidu Street (Balu Samy Street): Rs 4,400 per sq.ft (2024)
• Bharathi Street: Rs 2,800 per sq.ft (2024)
• Avvaiyar Street: Rs 3,300 per sq.ft (2024)
• Ashokan Street: Rs 2,800 per sq.ft (2024)
• Church Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Bala Vinayagar Murthy Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. Together, the total cost for stamp duty and registration would be Rs 2,97,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Bala Vinayagar Murthy Colony?

The Sub Registrar Office that covers Bala Vinayagar Murthy Colony is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in the registration process of property transactions in Nanganallur. It serves as a benchmark for determining the stamp duty and registration fees applicable when buying or selling property. The guideline value is utilized to ensure that the transaction is recorded accurately in the government register.

When a property is sold, the buyer must pay stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property as determined by the guideline value.

Frequently asked questions

What is the current guideline value of Bala Vinayagar Murthy Colony?

The current guideline value of Bala Vinayagar Murthy Colony is Rs 3,300 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 292 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 1030% over the years.

What is the land classification of Bala Vinayagar Murthy Colony?

Bala Vinayagar Murthy Colony is classified as Residential Class I Type - III, indicating its designation for residential purposes.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is charged at 7% and the registration fee at 2% of the guideline value or sale price, whichever is higher. For a 1,000 sq.ft plot, the total cost for these fees would be Rs 2,97,000.

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

The Alandur Sub Registrar Office covers Bala Vinayagar Murthy Colony and is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.