Guideline Value for Balamurugan Nagar

Balamurugan Nagar guideline value

The current guideline value of Balamurugan Nagar is Rs 440 per sq.ft, effective from 1 July 2024. This area is located in Nallur village under the Redhills SRO and is classified as Residential Class III Type - I.

How the guideline value of Balamurugan Nagar has changed

The guideline value of Balamurugan Nagar has undergone several revisions over the years. In 2002, the guideline value was Rs 270 per sq.ft, which decreased to Rs 29 per sq.ft in 2003. Following this, the value significantly increased to Rs 200 per sq.ft in 2007, and then it doubled to Rs 400 per sq.ft in 2012. However, it dropped to Rs 268 per sq.ft in 2017 before rising to Rs 400 per sq.ft in 2023. The most recent revision in 2024 set the value at Rs 440 per sq.ft, marking a 10% increase from the previous year.

In summary, the changes in the guideline value are as follows: from 2002 to 2003, there was a decrease of 89%. From 2003 to 2007, the value increased by 590%. The value then increased by 100% from 2007 to 2012. It decreased by 33% from 2012 to 2017, and then increased by 49% from 2017 to 2023. Overall, from 2002 to 2024, the guideline value has increased by 63%.

Guideline values in Nallur

In Nallur, there are 39 streets under the Redhills SRO with a 2024 guideline value ranging from Rs 440 to Rs 1,650 per sq.ft. The median value for these streets is Rs 550 per sq.ft, placing Balamurugan Nagar's 2024 figure below this median.

• Balasubramanian Nagar: Rs 440 per sq.ft (2024)
• Chelliamman Koil 1st Cross Street: Rs 550 per sq.ft (2024)
• Chelliamman Koil 2nd Cross Street: Rs 550 per sq.ft (2024)
• Chelliamman Koil Street: Rs 550 per sq.ft (2024)
• Chelliamman Nagar: Rs 440 per sq.ft (2024)
• Chengalamman Nagar Annex: Rs 440 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 440 per sq.ft, the total guideline value would be Rs 4,40,000. The stamp duty at 7% would amount to Rs 30,800, and the registration fee at 2% would be Rs 8,800, totaling Rs 39,600. 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?

Balamurugan Nagar falls under 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 Nallur

The guideline value is a crucial factor during property registration in Nallur. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the transaction value. If the sale price is lower than the guideline value, the buyer will still need to pay duty based on the guideline value, ensuring that the property is not undervalued for registration purposes.

Frequently asked questions

What is the current guideline value of Balamurugan Nagar?

The current guideline value of Balamurugan Nagar is Rs 440 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 270 per sq.ft in 2002 to Rs 440 per sq.ft in 2024, with various increases and decreases across the years.

What is the registration office for Balamurugan Nagar?

Balamurugan Nagar is registered under 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?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 4,40,000 would incur a stamp duty of Rs 30,800.

What are the guideline values of other streets in Nallur?

Other streets in Nallur have guideline values ranging from Rs 440 to Rs 1,650 per sq.ft, with the median being Rs 550 per sq.ft. Balamurugan Nagar's value is below this median.