Guideline Value for GANESH RAM COLONY

Ganesh Ram Colony guideline value

The current guideline value of Ganesh Ram Colony is Rs 8,800 per sq.ft, effective from 1 July 2024. This area is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class III Type - III.

How the guideline value of Ganesh Ram Colony has changed

The guideline value for Ganesh Ram Colony has seen significant changes over the years. In 2002, the value was Rs 872 per sq.ft, which increased to Rs 969 per sq.ft in 2003, marking an 11% rise. By 2007, the value surged to Rs 1,540 per sq.ft, reflecting a 59% increase from the previous revision. The 2012 revision saw a dramatic jump to Rs 8,000 per sq.ft, which is a 419% increase from 2007. The most recent revision in 2024 set the guideline value at Rs 8,800 per sq.ft, a 10% increase from 2012.

It is important to note that the register does not have figures for the years 2017 and 2023 for this street. Overall, from 2002 to 2024, the guideline value has increased by 909%.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, which is equal to the current value of Ganesh Ram Colony.

• Girija Garden: Rs 8,800 per sq.ft (2024)
• Gandhi Nagar: Rs 3,300 per sq.ft (2024)
• Ganasapuram South Lane: Rs 3,300 per sq.ft (2024)
• Ganasapuram North Lane: Rs 4,900 per sq.ft (2024)
• Gokulam Colony: Rs 3,300 per sq.ft (2024)
• Ganapathi Colony: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Ganesh Ram Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value would be Rs 88,00,000. The stamp duty at 7% would amount to Rs 6,16,000, while the registration fee at 2% would be Rs 1,76,000. Together, the total cost for these fees would be Rs 7,92,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ganesh Ram Colony?

Ganesh Ram Colony falls under the jurisdiction of the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. You can find your SRO for further assistance.

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

The guideline value plays a crucial role in the registration of property transactions in Mylapore. It serves as the basis for calculating stamp duty and registration fees, ensuring that the government collects the appropriate revenue from property sales. Buyers and sellers must be aware of the current guideline value to understand the costs involved in the transaction.

When a property is bought or sold, the guideline value is compared with the sale price to determine the applicable fees. If the sale price is higher than the guideline value, the fees are calculated based on the sale price, ensuring that the registration process is fair and transparent.

Frequently asked questions

What is the current guideline value of Ganesh Ram Colony?

The current guideline value of Ganesh Ram Colony is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 872 per sq.ft in 2002 to Rs 8,800 per sq.ft in 2024, reflecting an overall increase of 909% over this period.

What are the other streets in Mylapore with similar guideline values?

Other streets in Mylapore with a guideline value of Rs 8,800 per sq.ft include Girija Garden and Ganapathi Colony. There are several other streets with varying values as well.

Where is the Mylapore Sub Registrar Office located?

The Mylapore Sub Registrar Office is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

How is the stamp duty calculated for properties in Ganesh Ram Colony?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 88,00,000, the stamp duty would be Rs 6,16,000 at a rate of 7%.