Guideline Value for Balamurugan Nagar Extention

Balamurugan Nagar Extention guideline value

The current guideline value of Balamurugan Nagar Extention is Rs 770 per sq.ft, effective from 1 July 2024. This area is located in Sholavaram village and falls under the Redhills Sub Registrar Office. The land classification for this street is Residential Class I Type - I.

How the guideline value of Balamurugan Nagar Extention has changed

Over the years, the guideline value of Balamurugan Nagar Extention has seen significant changes. The 2017 revision recorded a value of Rs 469 per sq.ft, which increased to Rs 700 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 set the value at Rs 770 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street. Overall, from 2017 to 2024, the guideline value has increased by 64%.

Guideline values in Sholavaram

In Sholavaram, there are 98 streets under the Redhills SRO that have a 2024 guideline value ranging from Rs 515 to Rs 3,500 per sq.ft. The median value for these streets is Rs 660 per sq.ft, placing Balamurugan Nagar Extention's 2024 figure above that median.

• Bala Murugan Nagar Annex: Rs 550 per sq.ft (2024)
• Balamurugan Nagar: Rs 550 per sq.ft (2024)
• Balasubramaniyam Nagar: Rs 550 per sq.ft (2024)
• Bajanai Koil Street: Rs 660 per sq.ft (2024)
• At FUTURE CITY: Rs 550 per sq.ft (2024)
• Asokar Street: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in Balamurugan Nagar Extention

For a 1,000 sq.ft plot at the current guideline value of Rs 770 per sq.ft, the total guideline value amounts to Rs 7,70,000. The stamp duty at 7% would be Rs 53,900, and the registration fee at 2% would be Rs 15,400, bringing the total fees together to Rs 69,300. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Balamurugan Nagar Extention?

The Balamurugan Nagar Extention falls under the jurisdiction of the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Sholavaram. It serves as a basis for calculating the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to determine the applicable duties. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Balamurugan Nagar Extention?

The current guideline value of Balamurugan Nagar Extention is Rs 770 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2017, the guideline value has increased from Rs 469 per sq.ft to Rs 770 per sq.ft in 2024, representing a total increase of 64% over the seven-year period.

What is the land classification for Balamurugan Nagar Extention?

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

Where can I find the registration office for Balamurugan Nagar Extention?

The registration office for Balamurugan Nagar Extention is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is stamp duty calculated for properties in Balamurugan Nagar Extention?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 7,70,000, the stamp duty would be Rs 53,900 at the rate of 7%.