Guideline Value for Market Road Balance

Market Road Balance guideline value

The current guideline value of Market Road Balance is Rs 6,600 per sq.ft, effective from 1 July 2024. This property is located in Tambaram village under the Tambaram Joint 1 SRO, classified as Commercial Class I Type - II.

How the guideline value of Market Road Balance has changed

The guideline value for Market Road Balance has seen several revisions over the years. Starting from the 2007 revision, the value was Rs 2,500 per sq.ft, which increased significantly to Rs 6,000 per sq.ft in the 2012 revision, marking a 140% increase. However, in the 2017 revision, the value dropped to Rs 4,020 per sq.ft, a decrease of 33%. The value then rose to Rs 6,000 per sq.ft in the 2023 revision, and the latest revision in 2024 has set the value at Rs 6,600 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 164%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Tambaram

In Tambaram, there are 360 streets under the Tambaram Joint 1 SRO with a 2024 guideline value ranging from Rs 880 to Rs 8,250 per sq.ft. The median value across these streets is Rs 3,300 per sq.ft, placing Market Road Balance's 2024 figure above this median.

• Market Road: Rs 6,600 per sq.ft (2024)
• Market area Shanmugam Street: Rs 6,600 per sq.ft (2024)
• Market Area: Rs 6,600 per sq.ft (2024)
• Mariammankoil Street: Rs 2,200 per sq.ft (2024)
• Manthoppu Street (Brindavan Avenue): Rs 4,400 per sq.ft (2024)
• Mathava Reddy Street (Ramakrishnan Street): Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Market Road Balance

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value amounts to Rs 66,00,000. The stamp duty at 7% would be Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, totaling Rs 5,94,000. 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 Market Road Balance?

The Sub Registrar Office that covers Market Road Balance is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in property transactions in Tambaram. It is used to determine the stamp duty and registration fees that buyers must pay during the registration process. The guideline value ensures that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value is assessed to ensure that the transaction is recorded accurately. Buyers should be aware that the stamp duty is calculated based on the higher of the guideline value or the sale price, ensuring fair taxation on property transfers.

Frequently asked questions

What is the current guideline value of Market Road Balance?

The current guideline value of Market Road Balance is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2007 to Rs 6,600 per sq.ft in 2024, marking an overall increase of 164% over the years.

What is the classification of Market Road Balance?

Market Road Balance is classified as Commercial Class I Type - II under the Tambaram Joint 1 SRO.

Where can I find the registration office for Market Road Balance?

The registration office for Market Road Balance is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.

How is stamp duty calculated for properties in Market Road Balance?

Stamp duty for properties in Market Road Balance is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 66,00,000, the stamp duty at 7% would be Rs 4,62,000.