Guideline Value for Balaraman Street/ Muthamazhi Nagar

Balaraman Street/ Muthamazhi Nagar guideline value

The current guideline value of Balaraman Street/ Muthamazhi Nagar is Rs 2,475 per sq.ft, effective from 1 July 2024. This street is located in Pammal village, under the Pammal SRO, and is classified as Residential Class I Type - II.

How the guideline value of Balaraman Street/ Muthamazhi Nagar has changed

The guideline value for Balaraman Street/ Muthamazhi Nagar has seen significant changes over the years. Starting from Rs 242 per sq.ft in 2002, the value increased to Rs 274 in 2003, marking a 13% rise. The value then rose to Rs 360 in 2007, reflecting a 31% increase. Following this, the guideline value surged to Rs 1,507 in 2017, a remarkable 319% increase from the previous revision. In 2023, it was set at Rs 2,250, which was a 49% increase compared to 2017. The latest revision in 2024 has further raised the value to Rs 2,475, a 10% increase from 2023. It is important to note that the register has no figure for this street for the year 2012.

Guideline values in Pammal

Pammal village has a total of 926 streets under the Pammal SRO, with guideline values ranging from Rs 880 to Rs 3,300 per sq.ft. The median guideline value for these streets is Rs 2,090 per sq.ft, placing Balaraman Street/ Muthamazhi Nagar above this median with its 2024 figure of Rs 2,475 per sq.ft.

• Balasubramainum Street / Gandhi Nagar: Rs 2,475 per sq.ft (2024)
• Balasubramani Street, Meenakshi Nagar: Rs 1,980 per sq.ft (2024)
• Balakrishnan Street: Rs 1,760 per sq.ft (2024)
• Balaji Street /VOC Nagar: Rs 2,750 per sq.ft (2024)
• Balaji Street Extn., /VOC Nagar: Rs 2,750 per sq.ft (2024)
• Baskaran Street, Gandhi Nagar Extn: Rs 2,475 per sq.ft (2024)

Stamp duty and registration fee for property in Balaraman Street/ Muthamazhi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,475 per sq.ft, the total guideline value would be Rs 24,75,000. The stamp duty at 7% would amount to Rs 1,73,250, while the registration fee at 2% would be Rs 49,500. Together, the total cost for stamp duty and registration would be Rs 2,22,750. It is important to note that 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 Balaraman Street/ Muthamazhi Nagar?

The Sub Registrar Office that covers Balaraman Street/ Muthamazhi Nagar is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial figure used during the registration of property transactions in Pammal. It serves as a benchmark for determining the stamp duty and registration fees that buyers must pay, ensuring that these costs are calculated based on a standardized value rather than the negotiated sale price.

When buying or selling property, the guideline value helps maintain transparency and consistency in the registration process. It ensures that all parties are aware of the minimum value at which the property is assessed, which can help prevent disputes and ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value for Balaraman Street/ Muthamazhi Nagar?

The current guideline value for Balaraman Street/ Muthamazhi Nagar is Rs 2,475 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 242 per sq.ft in 2002 to Rs 2,475 per sq.ft in 2024, reflecting an overall increase of 923% over this period.

What is the stamp duty rate for properties in Pammal?

The stamp duty rate for properties in Pammal is 7%, which is applied to the higher of the guideline value or the sale price.

Where is the Pammal Sub Registrar Office located?

The Pammal Sub Registrar Office is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone.

Are there other streets with similar guideline values in Pammal?

Yes, there are several other streets in Pammal with varying guideline values. For example, Balasubramainum Street / Gandhi Nagar also has a guideline value of Rs 2,475 per sq.ft in 2024.