Guideline Value for Balamurugan Nagar

Balamurugan Nagar guideline value

The current guideline value of Balamurugan Nagar is Rs 1,100 per sq.ft, effective from 1 July 2024. This area is located in Pattravakkam village, under the Konnur SRO, and is classified as Residential Class III 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 revision was in 2007, with a guideline value of Rs 300 per sq.ft. This increased to Rs 800 per sq.ft in 2012, then decreased to Rs 536 per sq.ft in 2017. The value rose significantly to Rs 1,000 per sq.ft in 2023, and finally reached Rs 1,100 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

In total, from 2007 to 2024, the guideline value has increased by 267%. Notably, the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Pattravakkam

In Pattravakkam, there are 34 streets under the Konnur SRO that have a 2024 guideline value ranging from Rs 1,100 to Rs 4,900 per sq.ft, with a median value of Rs 1,500 per sq.ft. Balamurugan Nagar's 2024 figure is below this median.

• Bajanai Koil Street: Rs 1,500 per sq.ft (2024)
• Bramana Street: Rs 2,200 per sq.ft (2024)
• Ambathur Industrial Estate: Rs 4,900 per sq.ft (2024)
• D.T.P. Colony & Streets: Rs 2,200 per sq.ft (2024)
• Ganamoorthi Nagar Extension & Streets & Lanes: Rs 2,200 per sq.ft (2024)
• Gnanamoorthi Street: Rs 2,200 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 1,100 per sq.ft, the total guideline value would be Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, totaling Rs 99,000. Please note that 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 Sub Registrar Office that covers Balamurugan Nagar is the Konnur Sub Registrar Office, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more information.

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

The guideline value is a critical factor during the registration of property transactions. 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 in Pattravakkam, it is essential to be aware of the current guideline value to understand the financial implications of the transaction. This helps both buyers and sellers to be informed about the costs associated with property registration.

Frequently asked questions

What is the current guideline value of Balamurugan Nagar?

The current guideline value of Balamurugan Nagar is Rs 1,100 per sq.ft, effective from 1 July 2024.

How often does the guideline value change?

The guideline value is revised periodically, with the most recent revision occurring in 2024. Previous revisions took place in 2023, 2017, 2012, and 2007.

What is the land classification of Balamurugan Nagar?

Balamurugan Nagar is classified as Residential Class III Type - I, indicating its designation for residential use.

What is the registration office for Balamurugan Nagar?

The registration office for Balamurugan Nagar is the Konnur Sub Registrar Office, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

How is stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. It is typically charged at a rate of 7%, along with a registration fee of 2%.