Guideline Value for BalaMurugan Nagar

BalaMurugan Nagar guideline value

The current guideline value of BalaMurugan Nagar is Rs 3,960 per sq.ft, effective from 1 July 2024. This area is located in Porur village and falls under the Kunrathur SRO. The land classification for this area is Residential Special Type - I.

How the guideline value of BalaMurugan Nagar has changed

Since the early 2000s, the guideline value of BalaMurugan Nagar has seen significant changes. In 2002, the guideline value was Rs 247 per sq.ft. This increased to Rs 330 per sq.ft in 2003, representing a 34% rise. The value continued to grow, reaching Rs 750 per sq.ft in 2007, which was a substantial 127% increase. Following this, the value surged to Rs 3,600 per sq.ft in 2012, marking an impressive 380% jump. However, it dropped to Rs 2,412 per sq.ft in 2017, reflecting a decrease of 33%. The guideline value then rose to Rs 3,600 per sq.ft in 2023, and most recently, it has increased by 10% to the current value of Rs 3,960 per sq.ft in 2024.

Overall, from 2002 to 2024, the guideline value has increased by 1503%. The register has no figure for revisions in the years not mentioned above.

Guideline values in Porur

In Porur, there are 530 streets under the Kunrathur SRO, with guideline values for 2024 ranging from Rs 2,860 to Rs 6,380 per sq.ft. The median guideline value is Rs 3,960 per sq.ft, which is the same as the current value for BalaMurugan Nagar.

• Balamurugan Koil 4th Street: Rs 3,520 per sq.ft (2024)
• Balamurugan Koil 3rd Street: Rs 3,520 per sq.ft (2024)
• Balamurugan Koil 2nd Street: Rs 3,520 per sq.ft (2024)
• Balamurugan Koil 1st Street: Rs 3,520 per sq.ft (2024)
• Balamurugan Nagar Arumugam Street: Rs 3,960 per sq.ft (2024)
• Balamurugan Nagar Raji Street: Rs 3,960 per sq.ft (2024)

Stamp duty and registration fee for property in BalaMurugan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,960 per sq.ft, the total guideline value would be Rs 39,60,000. The stamp duty, charged at 7%, would amount to Rs 2,77,200, while the registration fee at 2% would be Rs 79,200. Together, the total fees would be Rs 3,56,400. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers BalaMurugan Nagar?

The Sub Registrar Office that covers BalaMurugan Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Porur. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

When a property is registered, the guideline value is used to calculate the total fees based on the size of the property. This ensures that the correct amount is paid to the government during the registration process, which is essential for the legal transfer of property ownership.

Frequently asked questions

What is the current guideline value of BalaMurugan Nagar?

The current guideline value of BalaMurugan Nagar is Rs 3,960 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 247 per sq.ft in 2002 to Rs 3,960 per sq.ft in 2024, reflecting an overall increase of 1503% over this period.

What are the stamp duty and registration fees for property in BalaMurugan Nagar?

For a property valued at Rs 39,60,000, the stamp duty would be Rs 2,77,200 and the registration fee would be Rs 79,200, totaling Rs 3,56,400.

Which Sub Registrar Office covers this area?

The Kunrathur Sub Registrar Office covers BalaMurugan Nagar, located at No.59, Road Street, Kundrathur, Chennai -600 069.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It is essential for legal compliance when buying or selling property in Porur.