Guideline Value for Ganapathy Nagar 7th Street

Ganapathy Nagar 7th Street guideline value

The current guideline value of Ganapathy Nagar 7th Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village under the Virugambakkam SRO, and it falls under the Residential Class V Type - I land classification.

How the guideline value of Ganapathy Nagar 7th Street has changed

The guideline value for Ganapathy Nagar 7th Street has undergone several revisions over the years. The earliest recorded value was Rs 74 per sq.ft in 2002, which increased to Rs 81 per sq.ft in 2003, marking a change of +9%. The value then saw a significant rise to Rs 500 per sq.ft in 2007, reflecting an increase of +517%. Following this, the guideline value rose dramatically to Rs 2,000 per sq.ft in 2012, which was a +300% increase. However, it decreased to Rs 1,340 per sq.ft in 2017, a change of -33%. The value then increased to Rs 2,000 per sq.ft in 2023, followed by a final increase to Rs 2,200 per sq.ft in 2024, representing a +10% change.

There are no figures available for the revisions in the years not mentioned in the register for this street. The overall change from the 2002 figure to the current 2024 value reflects an increase of +2873%.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that carry a guideline value for 2024, ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median guideline value in this area is Rs 3,050 per sq.ft, and Ganapathy Nagar 7th Street's current value is below this median.

• Ganapathy Nagar 6th Street: Rs 2,200 per sq.ft (2024)
• Ganapathy Nagar 8th Street: Rs 2,200 per sq.ft (2024)
• Ganapathy Nagar 5th Street: Rs 2,200 per sq.ft (2024)
• Ganapathy Nagar 9th Street: Rs 2,200 per sq.ft (2024)
• Ganapathy Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Ganapathy Nagar 3rd Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Ganapathy Nagar 7th 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, resulting in a total of Rs 1,98,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Ganapathy Nagar 7th Street?

The Ganapathy Nagar 7th Street is covered by the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the property registration process in Maduravoyal. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees, which are calculated based on this value or the sale price, whichever is higher.

It is essential for buyers and sellers to be aware of the guideline value as it directly impacts the overall cost of property transactions. Ensuring that the guideline value is accurately reflected in the sale agreement can help avoid discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Ganapathy Nagar 7th Street?

The current guideline value of Ganapathy Nagar 7th 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, representing an overall increase of +2873%.

What is the stamp duty for property in Ganapathy Nagar 7th Street?

The stamp duty for property in Ganapathy Nagar 7th Street is 7% of the guideline value or sale price, whichever is higher.

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 guideline value determined for properties?

The guideline value is determined based on various factors, including land classification and historical revisions, and it is used to calculate the stamp duty and registration fees during property transactions.