Guideline Value for Ganapathy Colony 1st Street

Ganapathy Colony 1st Street guideline value

The current guideline value of Ganapathy Colony 1st Street is Rs 8,700 per sq.ft, effective from 1 July 2024. This street is part of Mylapore Part 1 village, under the Chennai Central Joint I SRO, and is classified as Residential Class I Type - III.

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

The guideline value for Ganapathy Colony 1st Street has seen several revisions over the years. The register has no figures for the years 2002, 2003, 2007, 2012, and 2017. The 2023 revision set the guideline value at Rs 8,000 per sq.ft, which increased to Rs 8,700 per sq.ft in the 2024 revision, marking a change of +9%.

Prior to the 2023 revision, there were no recorded figures for this street in the register for the years mentioned. The most recent figure reflects a significant adjustment in the valuation, aligning with the overall trend in the area.

Guideline values in Mylapore Part 1

In Mylapore Part 1, there are 333 streets under the Chennai Central Joint I SRO with a 2024 guideline value ranging from Rs 4,400 to Rs 25,300 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, placing Ganapathy Colony 1st Street's 2024 figure below this median.

• Ganapathy Colony: Rs 8,700 per sq.ft (2024)
• Ganapathy Colony 2nd Street: Rs 8,700 per sq.ft (2024)
• Ganapathy Colony 3rd Street: Rs 8,700 per sq.ft (2024)
• Ganapathy Colony Main Road: Rs 8,700 per sq.ft (2024)
• Ganapathy Mudali Street: Rs 8,700 per sq.ft (2024)
• Ganapathy Nagar Road: Rs 8,700 per sq.ft (2024)

Stamp duty and registration fee for property in Ganapathy Colony 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,700 per sq.ft, the total guideline value would be Rs 87,00,000. The stamp duty, charged at 7%, would amount to Rs 6,09,000, and the registration fee at 2% would be Rs 1,74,000, making the total fees together Rs 7,83,000. 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 Colony 1st Street?

The Sub Registrar Office that covers Ganapathy Colony 1st Street is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for additional information.

How the guideline value is used when you buy or sell in Mylapore Part 1

The guideline value is a crucial factor when registering property transactions in Mylapore Part 1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in the transaction process.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees, which are essential for the legal transfer of property ownership. Buyers should be aware of these values to avoid any discrepancies during registration.

Frequently asked questions

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

The current guideline value of Ganapathy Colony 1st Street is Rs 8,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 8,000 per sq.ft in 2023 to Rs 8,700 per sq.ft in 2024, representing a +9% increase. There are no recorded figures for the years 2002, 2003, 2007, 2012, and 2017.

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

For a property valued at Rs 87,00,000, the stamp duty would be Rs 6,09,000 and the registration fee would be Rs 1,74,000, totaling Rs 7,83,000. These fees are based on the guideline value or the sale price, whichever is higher.

Which Sub Registrar Office should I contact for transactions in Ganapathy Colony 1st Street?

The Chennai Central Joint I Sub Registrar Office covers Ganapathy Colony 1st Street. It is located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.

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

Ganapathy Colony 1st Street is classified under Residential Class I Type - III, indicating its suitability for residential purposes.