Guideline Value for GANESH NAGAR

Ganesh Nagar guideline value

The current guideline value of Ganesh Nagar is Rs 2,900 per sq.ft, effective from 1 July 2024. This area is located in Korattur village, under the Villivakkam SRO, and is classified as Residential Class II Type - II.

How the guideline value of Ganesh Nagar has changed

The guideline value for Ganesh Nagar has undergone several revisions over the years. Starting from the 2002 revision, the value was Rs 73 per sq.ft. It saw a significant increase to Rs 375 per sq.ft in 2007, marking a 414% rise. The 2012 revision maintained the value at Rs 2,700 per sq.ft, which remained unchanged until the 2023 revision. In 2023, the value was again Rs 2,700 per sq.ft, but in 2024, it increased by 7% to Rs 2,900 per sq.ft.

There are no figures available for the years 2003 and 2017 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by an impressive 3873%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value in this area is Rs 2,500 per sq.ft, making Ganesh Nagar's 2024 figure of Rs 2,900 per sq.ft above the median.

• Ganesh Nagar Extension: Rs 2,900 per sq.ft (2024)
• Gangai Amman Koil Street (Korattur): Rs 1,600 per sq.ft (2024)
• Gangai Amman Koil Streets (Kallikuppam): Rs 2,500 per sq.ft (2024)
• Gangaiamman Nagar: Rs 2,500 per sq.ft (2024)
• Gandhi Nagar (Near Srinivasapuram) 3rd Sterrt: Rs 1,300 per sq.ft (2024)
• Gandhi Nagar (Near Srinivasapuram) 2nd Sterrt: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Ganesh Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,900 per sq.ft, the total guideline value amounts to Rs 29,00,000. The stamp duty at 7% would be Rs 2,03,000, and the registration fee at 2% would be Rs 58,000, bringing the total fees to Rs 2,61,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ganesh Nagar?

Ganesh Nagar falls under the jurisdiction of the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value is an essential factor in property transactions in Korattur, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with local regulations.

When registering a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Ganesh Nagar?

The current guideline value of Ganesh Nagar is Rs 2,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 73 per sq.ft in 2002 to Rs 2,900 per sq.ft in 2024, reflecting an overall increase of 3873% over this period.

What is the land classification for Ganesh Nagar?

Ganesh Nagar is classified as Residential Class II Type - II, indicating its suitability for residential development.

What are the other streets in Korattur and their guideline values?

Other streets in Korattur include Ganesh Nagar Extension at Rs 2,900 per sq.ft, Gangai Amman Koil Street (Korattur) at Rs 1,600 per sq.ft, and several others with varying rates.

Where is the Villivakkam Sub Registrar Office located?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.