Guideline Value for Ganapathy Colony

Ganapathy Colony guideline value

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

How the guideline value of Ganapathy Colony has changed

Over the years, the guideline value for Ganapathy Colony has seen several revisions. The most recent revision in 2024 set the guideline value at Rs 8,700 per sq.ft, an increase of 9% from the 2023 revision, which was Rs 8,000 per sq.ft. The register has no figures for the years 2017, 2012, 2007, 2003, and 2002 for this street.

Prior to the 2023 revision, the last recorded figure was Rs 8,000 per sq.ft in 2023. The previous revisions do not provide any figures for this street, indicating that the guideline value has been updated only in 2023 and 2024.

Guideline values in Mylapore Part 1

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

• Ganapathy Colony 1st Street: 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

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 at 7% would amount to Rs 6,09,000, and the registration fee at 2% would be Rs 1,74,000, bringing the total to Rs 7,83,000. It is important to note that 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 details.

Which Sub Registrar Office covers Ganapathy Colony?

Ganapathy Colony is covered by 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 more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Mylapore Part 1. It serves as a benchmark for determining the minimum value at which properties can be registered and is used to calculate the stamp duty and registration fees applicable to the transaction.

When buying or selling property, it is essential to be aware of the guideline value as it can impact the overall cost of the transaction. Buyers should ensure that the sale price is not lower than the guideline value to avoid potential legal issues during registration.

Frequently asked questions

What is the current guideline value of Ganapathy Colony?

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

How much has the guideline value changed recently?

The guideline value increased from Rs 8,000 per sq.ft in 2023 to Rs 8,700 per sq.ft in 2024, marking a 9% increase.

What is the registration office for Ganapathy Colony?

Ganapathy Colony is registered under the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.

How is stamp duty calculated in Ganapathy 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 87,00,000, the stamp duty at 7% would be Rs 6,09,000.

What are the other streets with the same guideline value in Mylapore Part 1?

Other streets in Mylapore Part 1 with the same guideline value of Rs 8,700 per sq.ft include Ganapathy Colony 1st Street, 2nd Street, 3rd Street, Main Road, Ganapathy Mudali Street, and Ganapathy Nagar Road.