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Guideline Value

Corporate

Guideline Value for Balamurugan Nagar 1st Street

₹3850/sq.ft.

The guideline value for Balamurugan Nagar 1st Street in Velachery village (Velacheri SRO, Chennai zone) is Rs 3850 per sq.ft, effective 1 July 2024. It was Rs 3500 per sq.ft from 1 April 2023, a 10% change. The land classification is Residential Class Ii Type - Iii. Source: TNReginet guideline value register.

Last updated:

Chennai

Zone

Velachery

Village

Velacheri

SRO

Residential Class II Type - III
History
Period Guideline Value
From 1-7-2024 ₹3850 /sq.ft.
From 1-4-2023 ₹3500 /sq.ft.
From 9-6-2017 To 31-3-2023 ₹2345 /sq.ft.
From 1-4-2012 To 8-6-2017 ₹3500 /sq.ft.
From 1-8-2007 To 31-3-2012 N/A
From 1-4-2003 To 31-7-2007 N/A
From 1-4-2002 To 31-3-2003 N/A
Guideline Value Timeline
Guideline Value Comparison

SRO (Sub Registrar Office)

No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042
044-22553736
[email protected]

DRO (District Registrar Office)

Integrated Building For Offices Of The Commercial Taxes And Registration Department, Fanepet, Nandhanam, Chennai - 35.
044-22505552
[email protected], [email protected]

DIG (Deputy Inspector General)

Integrated Building For Offices Of The Commercial Taxes And Registration, Department Fanepet, Nandanam, Chennai - 600 035.
044-29510527
[email protected]
Records for a plot on Balamurugan Nagar 1st Street

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Balamurugan Nagar 1st Street guideline value

The current guideline value of Balamurugan Nagar 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - III.

How the guideline value of Balamurugan Nagar 1st Street has changed

The guideline value for Balamurugan Nagar 1st Street has seen several revisions over the years. The earliest recorded value is from 2012, which was Rs 3,500 per sq.ft. This value was then revised to Rs 2,345 per sq.ft in 2017, a decrease of 33%. Following this, the value increased significantly to Rs 3,500 per sq.ft in 2023, and then to Rs 3,850 per sq.ft in 2024, reflecting a 10% increase from the previous year. The register has no figures for the years 2002, 2003, and 2007.

From 2012 to 2024, the overall change in guideline value is an increase of 10%. The jump from 2017 to 2023 was a notable increase of 49%, while the change from 2023 to 2024 represents a 10% rise. This progression highlights the fluctuations in the guideline value over the years.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that have a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. Balamurugan Nagar 1st Street's current guideline value is below this median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total fees together to Rs 3,46,500. 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 Nagar 1st Street?

The Balamurugan Nagar 1st Street falls under the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

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

The guideline value is a critical factor when registering property transactions in Velachery. It serves as a benchmark for determining the minimum price at which a property can be sold or purchased. This value is used to calculate the stamp duty and registration fees that must be paid during the sale process.

When a property is bought or sold, the guideline value ensures transparency and fairness in the transaction. It helps in preventing undervaluation of properties, thereby safeguarding the interests of both buyers and sellers during registration.

Frequently asked questions

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

The current guideline value of Balamurugan Nagar 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024, an increase of 10%. It was Rs 2,345 per sq.ft in 2017, which represents a 49% increase to the 2023 figure.

What is the classification of Balamurugan Nagar 1st Street?

Balamurugan Nagar 1st Street is classified as Residential Class II Type - III, indicating its zoning for residential purposes.

Where can I find the registration office for Balamurugan Nagar 1st Street?

The registration office for Balamurugan Nagar 1st Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for properties in Balamurugan Nagar 1st Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 38,50,000, the stamp duty at 7% would be Rs 2,69,500.