Guideline Value for Balamurugan Nagar 3rd Street

Balamurugan Nagar 3rd Street guideline value

The current guideline value of Balamurugan Nagar 3rd Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village under the Virugambakkam SRO, classified as Residential Class IV Type - I.

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

The guideline value for Balamurugan Nagar 3rd Street has seen several revisions over the years. The earliest recorded revision was in 2007, with a guideline value of Rs 300 per sq.ft. This increased significantly to Rs 2,500 per sq.ft in 2012, marking a remarkable increase of 733%. However, the value then decreased to Rs 1,675 per sq.ft in 2017, which was a decline of 33%. The most recent revisions were in 2023 and 2024, with the value rising from Rs 2,500 per sq.ft in 2023 to Rs 2,750 per sq.ft in 2024, reflecting a 10% increase.

There are no recorded figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 817%.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median guideline value for these streets is Rs 3,050 per sq.ft, placing Balamurugan Nagar 3rd Street's 2024 value below this median.

• Balamurugan Nagar 4th Street: Rs 2,750 per sq.ft (2024)
• Balamurugan Nagar 2nd Street: Rs 2,750 per sq.ft (2024)
• Balamurugan Nagar Annexe: Rs 2,750 per sq.ft (2024)
• Balamurugan Nagar 1st Street (Chithirai to Panguni Streets): Rs 2,750 per sq.ft (2024)
• Balamurugan Nagar Main Road: 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 3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total fees together to Rs 2,47,500. It is important to note that duty is charged on the higher of the guideline value and 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 Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration process of property transactions in Maduravoyal. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on a standardized value rather than the negotiated sale price.

When buying or selling property, it is essential to be aware of the current guideline value, as it directly impacts the overall cost of the transaction. Buyers and sellers should consult the latest figures to ensure compliance with local regulations and to accurately calculate the associated fees.

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 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 300 per sq.ft in 2007 to Rs 2,750 per sq.ft in 2024, marking an overall increase of 817% over the years.

What is the stamp duty for property in Balamurugan Nagar 3rd Street?

The stamp duty for a property in Balamurugan Nagar 3rd Street is calculated at 7% of the guideline value. For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500.

Which Sub Registrar Office do I need to visit for registration?

The registration for properties in Balamurugan Nagar 3rd Street is handled by the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the median guideline value for streets in Maduravoyal?

The median guideline value for streets in Maduravoyal is Rs 3,050 per sq.ft, with Balamurugan Nagar 3rd Street's 2024 value being below this median.