Guideline Value for GANAPATHY NAGAR 1ST STREET

Ganapathy Nagar 1st Street guideline value

The current guideline value of Ganapathy Nagar 1st Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Commercial Class I Type - III.

How the guideline value of Ganapathy Nagar 1st Street has changed

The guideline value for Ganapathy Nagar 1st Street has undergone several revisions over the years. The earliest recorded revision is from 2012, where the guideline value was Rs 2,500 per sq.ft. This was followed by a decrease to Rs 1,675 per sq.ft in 2017. The value then increased significantly to Rs 2,500 per sq.ft in 2023, and most recently to Rs 2,750 per sq.ft in 2024, marking a 10% increase from the previous year.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, there was a substantial increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, placing Ganapathy Nagar 1st Street above this median.

• Ganapathy Nagar 2nd Cross Street: Rs 2,750 per sq.ft (2024)
• Gandhi 1st Cross Street: Rs 1,540 per sq.ft (2024)
• Gandhi 2nd Cross Street: Rs 1,540 per sq.ft (2024)
• Gandhi Main Road: Rs 1,540 per sq.ft (2024)
• Friends Avenue: Rs 2,750 per sq.ft (2024)
• Farm Township: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Ganapathy Nagar 1st 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, bringing the total fees to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ganapathy Nagar 1st Street?

The Ganapathy Nagar 1st Street falls under the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a crucial element in the registration process of property transactions in Medavakkam. It serves as a benchmark for determining the minimum value at which a property can be registered and is used to calculate the applicable stamp duty and registration fees.

When buying or selling property, the guideline value ensures that the transaction is conducted at a fair price, reflecting the current market conditions. Buyers and sellers should be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Ganapathy Nagar 1st Street?

The current guideline value of Ganapathy Nagar 1st 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 seen several changes, from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then increasing to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What is the land classification for Ganapathy Nagar 1st Street?

Ganapathy Nagar 1st Street is classified as Commercial Class I Type - III, indicating its commercial usage and potential.

What are the stamp duty and registration fees for property in this area?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which Sub Registrar Office covers this street?

The Chennai South Joint I Sub Registrar Office covers Ganapathy Nagar 1st Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.