Guideline Value for Balamurugan Nagar

Balamurugan Nagar guideline value

The current guideline value of Balamurugan Nagar, located in Sholavaram village under the Redhills SRO, is Rs 550 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class III Type - I.

How the guideline value of Balamurugan Nagar has changed

Over the years, the guideline value for Balamurugan Nagar has seen several revisions. The 2012 revision set the value at Rs 500 per sq.ft, which then dropped to Rs 335 per sq.ft in the 2017 revision. However, from 2017 to 2023, there was a significant increase of 49%, raising the value to Rs 500 per sq.ft. The most recent revision in 2024 has further increased the guideline value to Rs 550 per sq.ft, marking a 10% rise from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Sholavaram

In Sholavaram, there are 98 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 515 to Rs 3,500 per sq.ft, with a median value of Rs 660 per sq.ft. Balamurugan Nagar's 2024 figure of Rs 550 per sq.ft is below this median.

• Bala Murugan Nagar Annex: Rs 550 per sq.ft (2024)
• Balamurugan Nagar Extention: Rs 770 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

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value would be Rs 5,50,000. The stamp duty at 7% would amount to Rs 38,500, while the registration fee at 2% would be Rs 11,000. Together, these fees total Rs 49,500. 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 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 critical factor in the registration process when buying or selling property in Sholavaram. It serves as the basis for calculating the stamp duty and registration fees, ensuring that these costs are aligned with the official valuation of the property.

When a property is sold, the buyer must pay the stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Balamurugan Nagar?

The current guideline value of Balamurugan Nagar is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2012 to Rs 335 per sq.ft in 2017, then increased to Rs 500 per sq.ft in 2023, and finally to Rs 550 per sq.ft in 2024.

What is the land classification of Balamurugan Nagar?

Balamurugan Nagar is classified as Residential Class III Type - I, which indicates its suitability for residential development.

What are the stamp duty and registration fees for properties in Balamurugan Nagar?

The stamp duty is charged at 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the total fees would be Rs 49,500.

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

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