Guideline Value for Ganapathy Nagar 1st Street

Ganapathy Nagar 1st Street guideline value

The current guideline value of Ganapathy Nagar 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class V Type - I.

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

The guideline value for Ganapathy Nagar 1st Street has seen several revisions over the years. In 2002, the guideline value was Rs 74 per sq.ft, which increased to Rs 81 per sq.ft in 2003. Following this, there was a significant rise to Rs 500 per sq.ft in 2007, and then it reached Rs 2,000 per sq.ft in 2012. However, it decreased to Rs 1,340 per sq.ft in 2017. The guideline value then increased to Rs 2,000 per sq.ft in 2023, and finally, it is set at Rs 2,200 per sq.ft from July 2024.

Between the revisions, the changes were as follows: from 2002 to 2003, the increase was +9%; from 2003 to 2007, it rose by +517%; from 2007 to 2012, there was a +300% increase; then a decrease of -33% from 2012 to 2017; followed by a +49% increase from 2017 to 2023; and finally, a +10% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by +2873%.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median guideline value for these streets is Rs 3,050 per sq.ft, making the guideline value of Ganapathy Nagar 1st Street below this median.

• Ganapathy Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Ganapathy Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Ganapathy Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Ganapathy Nagar 5th Street: Rs 2,200 per sq.ft (2024)
• Ganapathy Nagar 6th Street: Rs 2,200 per sq.ft (2024)
• Ganapathy Nagar 7th Street: Rs 2,200 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. 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 Ganapathy Nagar 1st Street?

The Sub Registrar Office that covers Ganapathy Nagar 1st Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

When buying or selling property in Maduravoyal, the guideline value plays a crucial role in determining the stamp duty and registration fees. It serves as a benchmark for the value of the property, ensuring that the fees are calculated accurately based on the established rates.

At the time of registration, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This process helps maintain transparency and consistency in property transactions within the region.

Frequently asked questions

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

The current guideline value of Ganapathy Nagar 1st Street is Rs 2,200 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 74 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, with various revisions in between.

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

Ganapathy Nagar 1st Street is classified as Residential Class V Type - I.

Where is the Virugambakkam Sub Registrar Office located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for properties in Ganapathy Nagar 1st Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at a rate of 7%.