Guideline Value for Ganapathi Nagar

Ganapathi Nagar guideline value

The current guideline value of Ganapathi Nagar, located in Kovilambakkam village under the Pallavaram SRO, is Rs 2,750 per sq.ft as per the 2024 revision effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Ganapathi Nagar has changed

Over the years, the guideline value of Ganapathi Nagar has seen several revisions. The earliest recorded figure is from 2002, with a guideline value of Rs 103 per sq.ft. This increased significantly to Rs 128 per sq.ft in 2003, marking a 24% rise. The value continued to climb steeply, reaching Rs 1,150 per sq.ft in 2007, which is an increase of 798%. In 2012, the guideline value was Rs 2,500 per sq.ft, reflecting a 117% increase from the previous revision. However, it dropped to Rs 1,675 per sq.ft in 2017, showing a decrease of 33%. The value then rose to Rs 2,500 per sq.ft in 2023, and finally, it stands at Rs 2,750 per sq.ft in 2024, marking a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 2570%. There are no figures available for the years that do not have a recorded revision for this street.

Guideline values in Kovilambakkam

Kovilambakkam village has a total of 61 streets under the Pallavaram SRO, with the 2024 guideline values ranging from Rs 1,320 to Rs 5,610 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, which is equal to the guideline value of Ganapathi Nagar.

• Ganapathy Nagar 1 To 5 Streets: Rs 2,750 per sq.ft (2024)
• Gandhi Nagar: Rs 1,320 per sq.ft (2024)
• Gandhi Street: Rs 2,160 per sq.ft (2024)
• Durakaiyamman Salai: Rs 2,200 per sq.ft (2024)
• Chinna Kovilambakkam 6 To 14 Streets: Rs 2,750 per sq.ft (2024)
• Indrajit Avenue: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Ganapathi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total 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.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Ganapathi Nagar?

The Ganapathi Nagar area falls under the jurisdiction of the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Kovilambakkam. It serves as a benchmark for determining the minimum value at which properties can be registered. When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees.

During the registration process, the buyer must pay the stamp duty based on the higher of the guideline value or the sale price. 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 Ganapathi Nagar?

The current guideline value of Ganapathi Nagar 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 changed from Rs 103 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting a significant increase over the years.

What is the classification of land in Ganapathi Nagar?

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

Where can I find the Sub Registrar Office for Ganapathi Nagar?

The Sub Registrar Office covering Ganapathi Nagar is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is stamp duty calculated for properties in Ganapathi Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 27,50,000 would incur a stamp duty of Rs 1,92,500 at a rate of 7%.