Guideline Value for Balamurugan 1st Street

Balamurugan 1st Street guideline value

The current guideline value of Balamurugan 1st Street is Rs 550 per sq.ft, effective from 1 July 2024. This street is located in Kaspapuram village and falls under the Tambaram Joint 1 SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Balamurugan 1st Street has changed

The guideline value for Balamurugan 1st Street has undergone several revisions over the years. The 2012 revision set the value at Rs 500 per sq.ft, which was a decrease of 33% from the 2017 revision of Rs 335 per sq.ft. The value remained unchanged at Rs 500 per sq.ft until the 2023 revision, which increased it to Rs 500 per sq.ft. The most recent revision in 2024 raised the guideline value to Rs 550 per sq.ft, marking a 10% increase from the previous year.

Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has seen a net increase of 10%.

Guideline values in Kaspapuram

Kaspapuram village has a total of 76 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 440 to Rs 4,300 per sq.ft. The median guideline value in this area is Rs 1,100 per sq.ft, placing Balamurugan 1st Street's 2024 figure below that median.

• Balamurugan 2nd Street: Rs 550 per sq.ft (2024)
• Balamurugan First Main Road: Rs 550 per sq.ft (2024)
• Balamurugan Second Main Road: Rs 550 per sq.ft (2024)
• Balram Nagar First Main Road: Rs 3,300 per sq.ft (2024)
• Balram Nagar Second Main Road: Rs 1,320 per sq.ft (2024)
• Bharathidasan 1st Street: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in Balamurugan 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value is Rs 5,50,000. The stamp duty at 7% would amount to Rs 38,500, while the registration fee at 2% would be Rs 11,000, bringing the total cost for these fees to Rs 49,500. 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 calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Balamurugan 1st Street?

The Sub Registrar Office that covers Balamurugan 1st Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, 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 Kaspapuram

The guideline value plays a crucial role during the registration of property transactions in Kaspapuram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, it is essential to be aware of the guideline value, as it affects the overall cost of the transaction. Buyers should ensure that they are informed about the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Balamurugan 1st Street?

The current guideline value of Balamurugan 1st Street 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 550 per sq.ft in 2024, with various revisions in between, including a decrease in 2017 and an increase in 2023.

What are the other streets in Kaspapuram with similar guideline values?

Other streets in Kaspapuram with a guideline value of Rs 550 per sq.ft include Balamurugan 2nd Street, Balamurugan First Main Road, and Bharathidasan 1st Street, all effective in 2024.

What fees are associated with property transactions in Balamurugan 1st Street?

For a property valued at Rs 5,50,000, the stamp duty would be Rs 38,500 and the registration fee would be Rs 11,000, totaling Rs 49,500 for these fees.

Where can I find the Sub Registrar Office for Balamurugan 1st Street?

The Sub Registrar Office for Balamurugan 1st Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.