Guideline Value for Ganapathy Nagar 2nd Street

Ganapathy Nagar 2nd Street guideline value

The current guideline value of Ganapathy Nagar 2nd 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 2nd Street has changed

The guideline value for Ganapathy Nagar 2nd Street has undergone several revisions since 2002. In 2002, the value was Rs 74 per sq.ft, which increased to Rs 81 per sq.ft in 2003. Following this, a significant rise was observed, with the value reaching Rs 500 per sq.ft in 2007. The 2012 revision saw the value at Rs 2,000 per sq.ft, but it dropped to Rs 1,340 per sq.ft in 2017. The value then increased to Rs 2,000 per sq.ft in 2023, and the latest revision in 2024 set it at Rs 2,200 per sq.ft.

Between the revisions, the changes were notable. From 2002 to 2003, there was an increase of 9%. The value surged by 517% from 2003 to 2007. The 2007 to 2012 period saw a decrease of 33%, while the value increased by 49% from 2017 to 2023. The most recent change from 2023 to 2024 reflects a 10% increase. 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 that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft, with a median value of Rs 3,050 per sq.ft. The guideline value for Ganapathy Nagar 2nd Street is below this median.

• Ganapathy Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• 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 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty, charged at 7%, would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees 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 information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ganapathy Nagar 2nd Street?

The Ganapathy Nagar 2nd Street falls under the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is a crucial factor when buying or selling property in Maduravoyal, as it determines the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees applicable during the property transaction.

When a buyer approaches the registration office, the guideline value is assessed to ensure that the transaction is conducted at a value that reflects the official rates set by the government. This helps maintain transparency and fairness in property transactions.

Frequently asked questions

What is the current guideline value of Ganapathy Nagar 2nd Street?

The current guideline value of Ganapathy Nagar 2nd 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, showing an overall increase of 2873% over the years.

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

The stamp duty is charged at 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher.

Which office handles the registration for Ganapathy Nagar 2nd Street?

The Virugambakkam Sub Registrar Office handles the registration for Ganapathy Nagar 2nd Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Ganapathy Nagar 2nd Street?

Ganapathy Nagar 2nd Street is classified as Residential Class V Type - I, indicating its designation for residential use.