Guideline Value for GANESH NAGAR 1ST STREET

Ganesh Nagar 1st Street guideline value

The current guideline value of Ganesh Nagar 1st Street is Rs 8,250 per sq.ft, effective from 1 July 2024. This street is located in Thiruvanmiyur village, under the Chennai South Joint I SRO, and is classified as Residential Class II Type - I.

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

In the 2012 revision, the guideline value was Rs 7,500 per sq.ft. This figure was then revised to Rs 5,025 per sq.ft in 2017, marking a decrease of 33%. Following this, the value significantly increased to Rs 7,500 per sq.ft in the 2023 revision, and then to Rs 8,250 per sq.ft in 2024, which is an increase of 10% from the previous year. The 2002, 2003, and 2007 revisions have no figures for this street in the register.

Overall, from 2012 to 2024, the guideline value has increased by 10%. The changes between the revisions indicate a fluctuating trend, with the most significant increase occurring between 2017 and 2023, where the value rose by 49%.

Guideline values in Thiruvanmiyur

In Thiruvanmiyur, there are 484 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 3,520 to Rs 12,660 per sq.ft. The median guideline value for these streets is Rs 9,900 per sq.ft, indicating that the 2024 figure for Ganesh Nagar 1st Street is below this median.

• Ganesh Nagar 2nd Street: Rs 8,250 per sq.ft (2024)
• Ganesh Nagar: Rs 8,250 per sq.ft (2024)
• Gangaiamman Koil Street (Bharathiar Nagar): Rs 7,150 per sq.ft (2024)
• Gangai Street: Rs 11,000 per sq.ft (2024)
• Ganapathy 6th Street Avvai Nagar: Rs 7,150 per sq.ft (2024)
• Ganapathy 5th Street Avvai Nagar: Rs 7,150 per sq.ft (2024)

Stamp duty and registration fee for property in Ganesh Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,250 per sq.ft, the total guideline value would be Rs 82,50,000. The stamp duty at 7% would amount to Rs 5,77,500, while the registration fee at 2% would be Rs 1,65,000, bringing the total fees together to Rs 7,42,500. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Ganesh Nagar 1st Street?

The Ganesh Nagar 1st Street is covered by 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 Thiruvanmiyur

The guideline value plays a crucial role during property registration in Thiruvanmiyur. It serves as a benchmark for calculating the stamp duty and registration fees that buyers must pay when purchasing property. This ensures that the government receives the correct revenue based on the property's assessed value.

When selling property, the guideline value is also significant as it helps determine the minimum price at which a property can be sold to avoid underreporting. Buyers and sellers should be aware of the guideline value to ensure compliance with regulatory requirements during the transaction process.

Frequently asked questions

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

The current guideline value of Ganesh Nagar 1st Street is Rs 8,250 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, from Rs 7,500 per sq.ft in 2012 to Rs 5,025 per sq.ft in 2017, then back to Rs 7,500 per sq.ft in 2023, and finally to Rs 8,250 per sq.ft in 2024.

What is the land classification of Ganesh Nagar 1st Street?

Ganesh Nagar 1st Street is classified as Residential Class II Type - I, indicating its designation for residential purposes.

Where can I find the Sub Registrar Office for Ganesh Nagar 1st Street?

The Sub Registrar Office covering Ganesh Nagar 1st Street is 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.

How is stamp duty calculated for properties in Ganesh Nagar 1st Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 82,50,000 would incur a stamp duty of Rs 5,77,500 at 7%.