Guideline Value for Balamurugan Street

Balamurugan Street guideline value

The current guideline value of Balamurugan Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Kolathur village and falls under the Sembiam SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Balamurugan Street has changed

The guideline value for Balamurugan Street has undergone several revisions over the years. The earliest recorded value is from 2007, set at Rs 1,000 per sq.ft. This figure saw a significant increase to Rs 3,000 per sq.ft in 2012, marking a 200% rise. However, by the 2017 revision, the value decreased to Rs 2,010 per sq.ft, which is a decline of 33%. The most recent revision in 2024 has set the guideline value at Rs 3,300 per sq.ft, reflecting an increase of 64% from the 2017 figure.

It is important to note that there are no recorded figures for Balamurugan Street in the years 2023, 2003, and 2002. Overall, from the 2007 revision to the current 2024 value, there has been an increase of 230%.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft. The median value among these streets is Rs 3,300 per sq.ft, which is equal to the guideline value of Balamurugan Street.

• Balamurugan Nagar: Rs 3,300 per sq.ft (2024)
• Balakumaran Nagar Part - C: Rs 3,300 per sq.ft (2024)
• Balakumaran Nagar Part - B: Rs 3,300 per sq.ft (2024)
• Balakumaran Nagar Part - A: Rs 3,300 per sq.ft (2024)
• Balaji Nagar Main Road: Rs 4,900 per sq.ft (2024)
• Bashyam Nagar: Rs 3,300 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, and the registration fee at 2% would be Rs 66,000. The total cost for these fees would be 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 information on the applicable fees.

Which Sub Registrar Office covers Balamurugan Street?

The Sub Registrar Office that covers Balamurugan Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more details.

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

The guideline value is a crucial factor during property registration in Kolathur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling property, the guideline value helps in assessing the financial implications of the transaction. Buyers must be aware of these values to ensure compliance with legal requirements and to avoid potential disputes during the registration process.

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 1,000 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, representing an overall increase of 230%.

Are there any years without a recorded guideline value for this street?

Yes, the register has no recorded figures for Balamurugan Street in the years 2023, 2003, and 2002.

What is the registration office for Balamurugan Street?

The registration office for Balamurugan Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher, while the registration fee is calculated at 2% of the same value.