Guideline Value for Balamurugan Nagar 3rd Street

Balamurugan Nagar 3rd Street guideline value

The current guideline value of Balamurugan Nagar 3rd Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO. The land classification for this area is Residential Class II Type - III.

How the guideline value of Balamurugan Nagar 3rd Street has changed

In the 2012 revision, the guideline value for Balamurugan Nagar 3rd Street was Rs 3,500 per sq.ft. This figure remained unchanged in the 2023 revision. However, in the 2024 revision, the guideline value increased to Rs 3,850 per sq.ft, marking a 10% rise from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, 2007, and 2017 for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, placing Balamurugan Nagar 3rd Street's 2024 figure below that median.

• Balamurugan Nagar 3rd Main Road: Rs 3,850 per sq.ft (2024)
• Balamurugan Nagar 3rd Cross Street: Rs 3,850 per sq.ft (2024)
• Balamurugan Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Balamurugan Nagar 2nd Main Road: Rs 3,850 per sq.ft (2024)
• Balamurugan Nagar 2nd Cross street: Rs 3,850 per sq.ft (2024)
• Balamurugan Nagar 1st Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Balamurugan Nagar 3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, making the total charges Rs 3,46,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Balamurugan Nagar 3rd Street?

The Balamurugan Nagar 3rd 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 further assistance.

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

The guideline value is a crucial factor when registering property transactions in Velachery. It serves as the basis for calculating stamp duty and registration fees, ensuring that both buyers and sellers are aware of the official value assigned to the property.

When a property is sold, the guideline value helps determine the minimum price at which the property can be registered. This ensures transparency in property transactions and helps in maintaining accurate records in the registration department.

Frequently asked questions

What is the current guideline value of Balamurugan Nagar 3rd Street?

The current guideline value of Balamurugan Nagar 3rd 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 increased from Rs 3,500 per sq.ft in 2012 to Rs 3,850 per sq.ft in 2024, reflecting a 10% rise. There were no changes in the value from 2012 to 2023.

What is the land classification for Balamurugan Nagar 3rd Street?

The land classification for Balamurugan Nagar 3rd Street is Residential Class II Type - III, indicating its designated use for residential purposes.

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for properties in Balamurugan Nagar 3rd Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 2,69,500.