Guideline Value for SRI BALAMURUGAN NAGAR

Sri Balamurugan Nagar guideline value

The current guideline value of Sri Balamurugan Nagar, located in Vanagaram village, is Rs 2,420 per sq.ft, effective from 1 July 2024. This area falls under the Chennai South Joint I SRO and is classified as Residential Special Type - II.

How the guideline value of Sri Balamurugan Nagar has changed

The guideline value for Sri Balamurugan Nagar has undergone several revisions over the years. The 2012 revision set the value at Rs 2,200 per sq.ft, which was then reduced to Rs 1,474 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 2,200 per sq.ft in the 2023 revision, and the latest revision in 2024 raised it further to Rs 2,420 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 for this street.

From 2012 to 2024, the overall change in the guideline value is an increase of 10%. Between the 2023 and 2024 revisions, there was a 10% increase. The jump from 2017 to 2023 marked a substantial rise of 49%, while the 2012 to 2017 period saw a decrease of 33%.

Guideline values in Vanagaram

In Vanagaram, there are 287 streets under the Chennai South Joint I SRO that have a 2024 guideline value ranging from Rs 770 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 1,660 per sq.ft, placing the Sri Balamurugan Nagar guideline value above this median.

• Spris Field Avenue: Rs 1,320 per sq.ft (2024)
• Spring Field Avenue 9th Street: Rs 1,320 per sq.ft (2024)
• Spring Field Avenue 8th Street: Rs 1,320 per sq.ft (2024)
• Spring Field Avenue 7th Street: Rs 1,320 per sq.ft (2024)
• Spring Field Avenue 2nd Cross Street: Rs 1,320 per sq.ft (2024)
• Spring Field Avenue 1st Cross Street: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Balamurugan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,420 per sq.ft, the total guideline value amounts to Rs 24,20,000. The stamp duty at 7% would be Rs 1,69,400, and the registration fee at 2% would be Rs 48,400, making the total charges together Rs 2,17,800. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Sri Balamurugan Nagar?

Sri Balamurugan Nagar falls under the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commerrcial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more details.

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

The guideline value plays a crucial role in property transactions in Vanagaram. It is used to determine the value of the property for registration purposes, ensuring that the transaction is recorded accurately in the official records.

When buying or selling property, the guideline value is essential for calculating the stamp duty and registration fees, which are mandatory costs that must be paid at the time of registration. This ensures that both parties are aware of the financial obligations involved in the transaction.

Frequently asked questions

What is the current guideline value of Sri Balamurugan Nagar?

The current guideline value of Sri Balamurugan Nagar is Rs 2,420 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,200 per sq.ft in 2012 to Rs 1,474 per sq.ft in 2017, then to Rs 2,200 per sq.ft in 2023, and finally to Rs 2,420 per sq.ft in 2024. There are no figures available for the years 2002, 2003, and 2007 for this street.

What is the land classification of Sri Balamurugan Nagar?

Sri Balamurugan Nagar is classified as Residential Special Type - II under the Chennai South Joint I SRO.

What are the stamp duty rates applicable in Sri Balamurugan Nagar?

The stamp duty rate in Sri Balamurugan Nagar is 7% of the guideline value or sale price, whichever is higher. Additionally, there is a registration fee of 2% applicable.

Where can I find the Sub Registrar Office for Sri Balamurugan Nagar?

The Sub Registrar Office covering Sri Balamurugan Nagar is located at Integrated Building For Offices Of The Commerrcial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.