Guideline Value for Balamurugan Street

Balamurugan Street guideline value

The current guideline value of Balamurugan Street in Nemilicherry village is Rs 2,160 per sq.ft, effective from 1 July 2024. This street falls under the Pallavaram Sub Registrar Office (SRO) and is classified as Residential Class II Type - I.

How the guideline value of Balamurugan Street has changed

The guideline value for Balamurugan Street has seen several revisions over the years. In the 2007 revision, the value was Rs 400 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in 2012. However, it then decreased to Rs 1,340 per sq.ft in 2017. The 2023 revision set the value at Rs 2,000 per sq.ft, and the most recent revision in 2024 raised it to Rs 2,160 per sq.ft, marking an 8% increase from the previous year.

To summarize the changes: from 2007 to 2012, there was a substantial increase of 400%. The value then dropped by 33% from 2012 to 2017, followed by a significant increase of 49% from 2017 to 2023. Overall, the guideline value has risen by 440% from 2007 to 2024. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Nemilicherry

In Nemilicherry, there are 172 streets under the Pallavaram SRO, with 2024 guideline values ranging from Rs 1,100 to Rs 3,300 per sq.ft. The median value is Rs 2,160 per sq.ft, which is the same as the guideline value for Balamurugan Street.

• Balasubramaniyam Street: Rs 2,750 per sq.ft (2024)
• Balaji Street: Rs 2,160 per sq.ft (2024)
• Bashiyam Vathiyar Street: Rs 2,160 per sq.ft (2024)
• Beriamman Koil Street: Rs 2,750 per sq.ft (2024)
• Beriamman Nagar: Rs 2,420 per sq.ft (2024)
• Balaji Avenue: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Balamurugan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,160 per sq.ft, the total guideline value amounts to Rs 21,60,000. The stamp duty at 7% would be Rs 1,51,200, and the registration fee at 2% would be Rs 43,200, bringing the total fees to Rs 1,94,400. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Balamurugan Street?

Balamurugan Street is covered by the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Nemilicherry. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

When a property is registered, the guideline value is used to determine the applicable fees. Buyers and sellers must be aware that the fees are based on the higher value between the guideline and the sale price, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Balamurugan Street?

The current guideline value of Balamurugan Street is Rs 2,160 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 400 per sq.ft in 2007 to Rs 2,160 per sq.ft in 2024, with various increases and decreases in between.

What is the land classification of Balamurugan Street?

Balamurugan Street is classified as Residential Class II Type - I.

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

The Sub Registrar Office covering Balamurugan Street is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a 1,000 sq.ft plot at the guideline value of Rs 2,160 per sq.ft would incur a total stamp duty of Rs 1,51,200.