Guideline Value for Balamurugan Nagar (Ward-01)

Balamurugan Nagar (Ward-01) guideline value

The current guideline value of Balamurugan Nagar (Ward-01) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Balamurugan Nagar (Ward-01) has changed

In the 2012 revision, the guideline value was set at Rs 1,200 per sq.ft. This figure saw a decrease of 33% by the 2017 revision, bringing it down to Rs 804 per sq.ft. The value then increased significantly by 49% in the 2023 revision to Rs 1,200 per sq.ft, followed by an 8% rise in the 2024 revision, reaching the current value of Rs 1,300 per sq.ft. The register has no figures for the years 2002, 2003, and 2007 for this street.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 8%. This reflects the fluctuations and adjustments made over the years in response to various factors affecting property values in the region.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value among these streets is Rs 1,600 per sq.ft, indicating that the 2024 guideline value for Balamurugan Nagar is below this median.

• Balaraman Street: Rs 1,300 per sq.ft (2024)
• Bank Colony 1st st ( Ward No.3 ): Rs 2,200 per sq.ft (2024)
• Bank Colony 2nd st ( Ward No.3 ): Rs 2,200 per sq.ft (2024)
• Bank Colony 3rd st Extn ( Ward No.4 ): Rs 2,200 per sq.ft (2024)
• Bank Colony 3rd st ( Ward No.3 ): Rs 2,200 per sq.ft (2024)
• Bank Colony 4th st ( Ward No.3 ): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Balamurugan Nagar (Ward-01)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, making the total cost for these fees Rs 1,17,000. Duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Balamurugan Nagar (Ward-01)?

The Sub Registrar Office that covers Balamurugan Nagar (Ward-01) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor during the registration of property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the state receives appropriate revenue from property transactions.

When buying or selling property, the guideline value is used to calculate applicable stamp duties and registration fees. This means that buyers should be aware of the current guideline value to understand the financial implications of their property transactions.

Frequently asked questions

What is the current guideline value of Balamurugan Nagar?

The current guideline value of Balamurugan Nagar (Ward-01) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then rising to Rs 1,200 per sq.ft in 2023, and finally reaching Rs 1,300 per sq.ft in 2024.

What is the land classification of Balamurugan Nagar?

Balamurugan Nagar is classified as Residential Class III Type - I, indicating its designation for residential use within the area.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in the area.

How is stamp duty calculated in Balamurugan Nagar?

Stamp duty in Balamurugan Nagar is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 13,00,000 would incur a stamp duty of Rs 91,000 at a rate of 7%.