Guideline Value for Balammal Nagar 2nd Street

Balammal Nagar 2nd Street guideline value

The current guideline value of Balammal Nagar 2nd Street is Rs 2,800 per sq.ft, effective from 1 July 2024. This street is located in Ullagaram village and falls under the Alandur SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Balammal Nagar 2nd Street has changed

The guideline value for Balammal Nagar 2nd Street has seen several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 232 per sq.ft. This increased to Rs 260 per sq.ft in 2003, marking a 12% rise. The value then saw significant growth, reaching Rs 1,000 per sq.ft in 2007, which was a 285% increase. The 2012 revision maintained the value at Rs 2,500 per sq.ft, representing a decrease of 33% from the previous figure.

In the following years, the guideline value again rose to Rs 1,675 per sq.ft in 2017, reflecting a 49% increase. The most recent revision in 2023 set the value at Rs 2,500 per sq.ft, before the current figure of Rs 2,800 per sq.ft was established in 2024, indicating a 12% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 1107%.

Guideline values in Ullagaram

In Ullagaram, there are 298 streets under the Alandur SRO that carry a 2024 guideline value ranging from Rs 1,700 to Rs 5,500 per sq.ft, with the median value being Rs 2,800 per sq.ft. Balammal Nagar 2nd Street's guideline value aligns with this median.

• Balammal Nagar 2nd Cross Street: Rs 2,800 per sq.ft (2024)
• Balammal Nagar 3rd Street: Rs 2,800 per sq.ft (2024)
• Balammal Nagar 1st Street: Rs 2,800 per sq.ft (2024)
• Balammal Nagar 3th Cross Street: Rs 2,800 per sq.ft (2024)
• Balammal Nagar 1st Cross Street: Rs 2,800 per sq.ft (2024)
• Balammal Nagar 4th Cross Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Balammal Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value would be Rs 28,00,000. The stamp duty, charged at 7%, would amount to Rs 1,96,000, and the registration fee at 2% would be Rs 56,000. Together, these fees would total Rs 2,52,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Balammal Nagar 2nd Street?

The Sub Registrar Office that covers Balammal Nagar 2nd Street 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 more details.

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

The guideline value is a crucial factor during property registration in Ullagaram. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is sold, the guideline value helps in calculating the applicable stamp duty and registration fees. These fees are based on the higher of the guideline value or the actual sale price, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Balammal Nagar 2nd Street?

The current guideline value of Balammal Nagar 2nd Street is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, starting from Rs 232 per sq.ft in 2002 to the current Rs 2,800 per sq.ft in 2024, marking an overall increase of 1107% over the years.

What is the land classification for Balammal Nagar 2nd Street?

Balammal Nagar 2nd Street is classified as Residential Class II Type - I, indicating its suitability for residential development.

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

For a property valued at Rs 28,00,000, the stamp duty would be Rs 1,96,000 and the registration fee would be Rs 56,000, totaling Rs 2,52,000. These fees are based on the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Balammal Nagar 2nd Street?

The Sub Registrar Office for Balammal Nagar 2nd Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.