Guideline Value for Balamurugan Street

Balamurugan Street guideline value

The current guideline value of Balamurugan Street in Zaminpallavaram village, under the Pallavaram SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - II land classification.

How the guideline value of Balamurugan Street has changed

The guideline value for Balamurugan Street has seen several revisions over the years. In the 2003 revision, the value was Rs 394 per sq.ft, which increased to Rs 600 per sq.ft in 2007, marking a significant rise of 52%. Following this, the value surged to Rs 3,000 per sq.ft in 2012, reflecting a remarkable increase of 400%. However, the value decreased to Rs 2,010 per sq.ft in the 2017 revision, showing a decline of 33%. The 2023 revision set the value at Rs 3,000 per sq.ft, and the latest 2024 revision has increased it to Rs 3,300 per sq.ft, indicating a rise of 10% from the previous year.

It is important to note that the register has no figure for the year 2002 for this street. Overall, from 2003 to 2024, the guideline value has increased by 738%.

Guideline values in Zaminpallavaram

In Zaminpallavaram, there are 638 streets under the Pallavaram SRO, with guideline values ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, which is equal to the 2024 figure for Balamurugan Street.

• Balamurugan Cross Street: Rs 3,300 per sq.ft (2024)
• Bangaru Nagar: Rs 2,750 per sq.ft (2024)
• Basiyam Street: Rs 3,520 per sq.ft (2024)
• Balaji Nagar: Rs 3,300 per sq.ft (2024)
• Bharathi Nagar Main Road (Part): Rs 3,520 per sq.ft (2024)
• Bharathi Street: Rs 4,400 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 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Balamurugan Street?

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

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

The guideline value is a crucial factor in the registration process for property transactions in Zaminpallavaram. It determines the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value as per government regulations.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees. Buyers must be aware that these fees are based on the guideline value or the sale price, whichever is higher, to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Balamurugan Street?

The current guideline value of Balamurugan Street is Rs 3,300 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 394 per sq.ft in 2003 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 738% over the years.

What are the stamp duty and registration fees for property in Balamurugan Street?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000, and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which Sub Registrar Office serves Balamurugan Street?

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

What is the median guideline value for streets in Zaminpallavaram?

The median guideline value for streets in Zaminpallavaram is Rs 3,300 per sq.ft, which is the same as the current guideline value for Balamurugan Street.