Guideline Value for Balamurugan Nagar

Balamurugan Nagar guideline value

The current guideline value of Balamurugan Nagar is Rs 1,430 per sq.ft, effective from 1 July 2024. This area is located in Kovur village under the Kunrathur SRO, and the land classification is Mixed Type - I.

How the guideline value of Balamurugan Nagar has changed

Over the years, the guideline value of Balamurugan Nagar has seen significant changes. The 2007 revision recorded a value of Rs 250 per sq.ft, which rose dramatically to Rs 1,300 per sq.ft in 2012, marking an increase of 420%. However, from 2012 to 2017, the value decreased to Rs 871 per sq.ft, a reduction of 33%. The subsequent revisions saw a rise to Rs 1,300 per sq.ft in 2023 and finally to Rs 1,430 per sq.ft in 2024, representing a 10% increase from the previous year.

From the 2017 revision to 2023, the value increased by 49%. Overall, from 2007 to 2024, the guideline value has increased by 472%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Kovur

In Kovur, there are 91 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 3,300 per sq.ft, with a median value of Rs 1,650 per sq.ft. The guideline value of Balamurugan Nagar is below this median.

• Balakrishna Nagar: Rs 1,430 per sq.ft (2024)
• Bathra Nagar: Rs 1,650 per sq.ft (2024)
• Balaji Nagar: Rs 1,430 per sq.ft (2024)
• Arumugam Nagar: Rs 1,650 per sq.ft (2024)
• A.P.S. Garden: Rs 1,650 per sq.ft (2024)
• Annammal Nagar: Rs 1,650 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 1,430 per sq.ft, the total guideline value would be Rs 14,30,000. The stamp duty at 7% would amount to Rs 1,00,100, and the registration fee at 2% would be Rs 28,600, bringing the total to Rs 1,28,700. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Balamurugan Nagar?

The Sub Registrar Office that covers Balamurugan Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069, within the Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Kovur, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are essential for completing the transaction legally.

It is important for buyers and sellers to be aware of the current guideline value, as it can affect the overall cost of the transaction. Ensuring that the transaction aligns with the guideline value can help avoid legal complications during the registration process.

Frequently asked questions

What is the current guideline value of Balamurugan Nagar?

The current guideline value of Balamurugan Nagar is Rs 1,430 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 250 per sq.ft to Rs 1,430 per sq.ft in 2024, reflecting an overall increase of 472%.

What is the land classification for Balamurugan Nagar?

Balamurugan Nagar is classified as Mixed Type - I, which indicates the nature of land use in the area.

Where can I find the Sub Registrar Office for Balamurugan Nagar?

The Sub Registrar Office for Balamurugan Nagar is located at No.59, Road Street, Kundrathur, Chennai -600 069.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For instance, a property valued at Rs 14,30,000 would incur a stamp duty of Rs 1,00,100 and a registration fee of Rs 28,600.