Guideline Value for Balamurugan Nagar

Balamurugan Nagar guideline value

The current guideline value of Balamurugan Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is located in Kilkattalai village, under the Pallavaram SRO, and is classified as Residential Special Type - I.

How the guideline value of Balamurugan Nagar has changed

The guideline value for Balamurugan Nagar has seen several revisions over the years. The earliest recorded value in the register is from 2003, which was Rs 171 per sq.ft. This increased significantly to Rs 700 per sq.ft in 2007, marking a 309% rise. The value then rose to Rs 2,500 per sq.ft in 2012, a substantial increase of 257%. However, it decreased to Rs 1,675 per sq.ft in 2017, reflecting a decline of 33%. The value then rose again to Rs 2,500 per sq.ft in 2023, and most recently, it has increased to Rs 2,750 per sq.ft in 2024, a 10% rise.

Overall, from 2003 to 2024, the guideline value has increased by 1508%. Notably, there is no figure available for the year 2002 in the register for this street.

Guideline values in Kilkattalai

In Kilkattalai, there are 194 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,080 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,530 per sq.ft, placing Balamurugan Nagar's 2024 guideline value above this median.

• Balamurugan Nagar 1 To 9 Streets: Rs 2,750 per sq.ft (2024)
• Balaram Nagar: Rs 2,200 per sq.ft (2024)
• Baskar Nagar: Rs 2,530 per sq.ft (2024)
• Baskar Nagar 1 And 2nd Streets: Rs 2,530 per sq.ft (2024)
• Baskar Nagar 1st & 2nd Cross Street: Rs 2,530 per sq.ft (2024)
• Balaji Nagar: Rs 1,980 per sq.ft (2024)

Stamp duty and registration fee for property in Balamurugan Nagar

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 cost to Rs 2,47,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Balamurugan Nagar?

The Balamurugan Nagar area falls under the jurisdiction of the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role during the registration of property transactions in Kilkattalai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value is compared to the sale price. The higher of the two figures is used to calculate the stamp duty and registration fees, which are mandatory for legal ownership transfer.

Frequently asked questions

What is the current guideline value of Balamurugan Nagar?

The current guideline value of Balamurugan Nagar 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 171 per sq.ft in 2003 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 1508% over this period.

What is the median guideline value for streets in Kilkattalai?

The median guideline value for streets in Kilkattalai is Rs 2,530 per sq.ft, with Balamurugan Nagar's value being above this median.

What are the stamp duty rates for property in Balamurugan Nagar?

The stamp duty for property in Balamurugan Nagar is charged at 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Balamurugan Nagar located?

The Sub Registrar Office covering Balamurugan Nagar is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone.