Guideline Value for Bangalamalai Street

Bangalamalai Street guideline value

The current guideline value of Bangalamalai Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Hastinapuram village and falls under the Pallavaram SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Bangalamalai Street has changed

The guideline value for Bangalamalai Street has seen several revisions over the years. In 2007, the value was Rs 400 per sq.ft, which increased significantly to Rs 1,500 per sq.ft in 2012, marking a 275% rise. However, this value decreased to Rs 1,005 per sq.ft in 2017, reflecting a 33% decline. The value then rose sharply to Rs 1,500 per sq.ft in 2023, and most recently, it increased to Rs 1,650 per sq.ft in 2024, a 10% increase.

There are no figures available for the revisions in 2002 and 2003 for Bangalamalai Street. Overall, from 2007 to 2024, the guideline value has increased by 313%.

Guideline values in Hastinapuram

In Hastinapuram, there are 277 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 4,400 per sq.ft, with a median value of Rs 2,970 per sq.ft. Bangalamalai Street's 2024 guideline value is below this median.

• Bashiyam Nagar: Rs 3,850 per sq.ft (2024)
• Bashiyam Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Bashiyam Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Bashiyam Nagar 3rd Street: Rs 3,850 per sq.ft (2024)
• Balaji Nagar 1,2,3,4: Rs 2,970 per sq.ft (2024)
• Balaji Nagar: Rs 2,970 per sq.ft (2024)

Stamp duty and registration fee for property in Bangalamalai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total cost together to Rs 1,48,500. 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 Bangalamalai Street?

The Sub Registrar Office that covers Bangalamalai Street is 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 information.

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

The guideline value is an essential factor when buying or selling property in Hastinapuram. It serves as a benchmark for calculating stamp duty and registration fees, which are mandatory costs associated with property transactions. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is registered, the guideline value is used to determine the applicable taxes. This ensures that both the buyer and the seller are aware of their financial obligations during the transaction process, providing transparency and clarity in property dealings.

Frequently asked questions

What is the current guideline value of Bangalamalai Street?

The current guideline value of Bangalamalai Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 400 per sq.ft in 2007 to Rs 1,650 per sq.ft in 2024, reflecting an overall increase of 313% over the years.

What is the land classification for Bangalamalai Street?

Bangalamalai Street is classified as Residential Class III Type - I. This classification indicates the type of development permissible in the area.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2%. For example, a 1,000 sq.ft plot would incur a total cost of Rs 1,48,500 in fees.

Which office handles property registrations for Bangalamalai Street?

The Pallavaram Sub Registrar Office handles property registrations for Bangalamalai Street, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.