Guideline Value for Balamurugan Nagar Main Road

Balamurugan Nagar Main Road guideline value

The current guideline value of Balamurugan Nagar Main Road is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village, under the Virugambakkam SRO, and is classified as Residential Class IV Type - I.

How the guideline value of Balamurugan Nagar Main Road has changed

The guideline value for Balamurugan Nagar Main Road has undergone several revisions over the years. In 2002, the value was Rs 102 per sq.ft, which increased to Rs 112 per sq.ft in 2003. Following this, the value rose significantly to Rs 300 per sq.ft in 2007, and then to Rs 2,500 per sq.ft in 2012. However, it decreased to Rs 1,675 per sq.ft in 2017. The 2023 revision saw an increase to Rs 2,500 per sq.ft, and the most recent revision in 2024 set the value at Rs 2,750 per sq.ft.

From 2017 to 2023, the guideline value increased by 49%. The jump from 2012 to 2017 was a decrease of 33%. The value saw a remarkable increase of 733% from 2007 to 2012 and a 168% rise from 2003 to 2007. Between 2002 and 2024, the overall increase in guideline value is 2,596%.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that carry a guideline value for 2024, ranging from Rs 2,200 to Rs 6,050 per sq.ft, with a median value of Rs 3,050 per sq.ft. Balamurugan Nagar Main Road's guideline value is below this median.

• Balamurugan Nagar Annexe: Rs 2,750 per sq.ft (2024)
• Balamurugan Nagar 4th Street: Rs 2,750 per sq.ft (2024)
• Balamurugan Nagar 3rd Street: Rs 2,750 per sq.ft (2024)
• Balamurugan Nagar 2nd Street: Rs 2,750 per sq.ft (2024)
• Balamurugan Nagar 1st Street(Chithirai to Panguni Streets): Rs 2,750 per sq.ft (2024)
• Balaraman Salai (Krishna Nagar Industrial Estate): Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Balamurugan Nagar Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, while the registration fee at 2% would be Rs 55,000, leading to a total of Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Balamurugan Nagar Main Road?

The Balamurugan Nagar Main Road falls under the jurisdiction of the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Maduravoyal. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official registry.

When a property is sold, the guideline value helps in calculating the stamp duty and registration fees that need to be paid. This ensures that all transactions are compliant with local regulations and that the appropriate fees are collected based on the established values.

Frequently asked questions

What is the current guideline value of Balamurugan Nagar Main Road?

The current guideline value of Balamurugan Nagar Main Road is Rs 2,750 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly over the years, from Rs 102 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 2,596%.

What is the registration office for Balamurugan Nagar Main Road?

The registration office for Balamurugan Nagar Main Road is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties in Balamurugan Nagar Main Road?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 27,50,000 would incur a stamp duty of Rs 1,92,500 at 7%.

What is the land classification for Balamurugan Nagar Main Road?

Balamurugan Nagar Main Road is classified as Residential Class IV Type - I, indicating its suitability for residential development.