Guideline Value for Balaraman Street

Balaraman Street guideline value

The current guideline value of Balaraman Street in Konnur village, under the Konnur SRO, is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class III Type - I.

How the guideline value of Balaraman Street has changed

The guideline value for Balaraman Street has seen several revisions over the years. In the 2002 revision, the value was Rs 170 per sq.ft. This increased to Rs 185 per sq.ft in 2003, marking a 9% rise. The value then surged to Rs 500 per sq.ft in the 2007 revision, indicating a significant increase of 170%. Following this, the 2012 revision saw a decrease to Rs 2,500 per sq.ft, a drop of 400%. In the 2017 revision, the guideline value was Rs 1,675 per sq.ft, which represented a 33% decrease from the previous figure. The 2023 revision brought the value up to Rs 2,500 per sq.ft, and the most recent revision in 2024 set it at Rs 2,750 per sq.ft, reflecting a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 1,518%. The register has no figures for the years between these revisions.

Guideline values in Konnur

In Konnur, there are 249 streets under the Konnur SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 7,100 per sq.ft, with a median value of Rs 3,800 per sq.ft. Balaraman Street's current guideline value is below this median.

• Balaramapuram: Rs 2,750 per sq.ft (2024)
• Balasubramaniam Street: Rs 5,500 per sq.ft (2024)
• Balambigai Nagar: Rs 3,800 per sq.ft (2024)
• Bazaar Street: Rs 7,100 per sq.ft (2024)
• Bharathi Nagar: Rs 3,800 per sq.ft (2024)
• Bajanai Kovil Street (Thanthankuppam): Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Balaraman Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, making the total fees Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Balaraman Street?

The Sub Registrar Office that covers Balaraman Street is the Konnur Sub Registrar Office, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for further assistance.

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

The guideline value is a crucial factor during the registration of property transactions in Konnur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid. Buyers and sellers must be aware of this value as it directly impacts the overall cost of the transaction.

When a property is bought or sold, the guideline value is used to calculate the stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Balaraman Street?

The current guideline value of Balaraman Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 170 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 1,518% over this period.

What is the land classification for Balaraman Street?

Balaraman Street is classified as Residential Class III Type - I under the Konnur SRO.

Where can I find the registration office for Balaraman Street?

The registration office for Balaraman Street is the Konnur Sub Registrar Office, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

How is stamp duty calculated for properties in Konnur?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, if the guideline value is Rs 27,50,000, the stamp duty at 7% would be Rs 1,92,500.