Guideline Value for Ganapathy Nagar 8th Street

Ganapathy Nagar 8th Street guideline value

The current guideline value of Ganapathy Nagar 8th 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 8th Street has changed

The guideline value for Ganapathy Nagar 8th Street has undergone several revisions over the years. Starting from Rs 74 per sq.ft in 2002, it increased to Rs 81 per sq.ft in 2003, marking a 9% rise. In 2007, the value saw a significant jump to Rs 500 per sq.ft, which was a 517% increase. The 2012 revision set the value at Rs 2,000 per sq.ft, reflecting a 300% increase from the previous revision. However, in 2017, the value dropped to Rs 1,340 per sq.ft, a decrease of 33% from 2012. The value then rose to Rs 2,000 per sq.ft in 2023, marking a 49% increase. Finally, the current value of Rs 2,200 per sq.ft in 2024 represents a 10% increase from the previous year.

It is important to note that there are no figures for this street in the revisions prior to 2002 and after 2024.

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. The median value for these streets is Rs 3,050 per sq.ft, placing Ganapathy Nagar 8th Street's 2024 figure below that median.

• Ganapathy Nagar 7th Street: Rs 2,200 per sq.ft (2024)
• Ganapathy Nagar 9th Street: Rs 2,200 per sq.ft (2024)
• Ganapathy Nagar 6th Street: Rs 2,200 per sq.ft (2024)
• Ganapathy Nagar 5th 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 8th 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 at 7% would be 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 guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ganapathy Nagar 8th Street?

The Ganapathy Nagar 8th Street falls under the jurisdiction of 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

The guideline value is a crucial factor in the registration process when buying or selling property in Maduravoyal. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Ganapathy Nagar 8th Street?

The current guideline value of Ganapathy Nagar 8th 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 from Rs 74 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 2873% over the years.

What is the land classification for Ganapathy Nagar 8th Street?

Ganapathy Nagar 8th Street is classified as Residential Class V Type - I.

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

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which Sub Registrar Office covers this street?

The Virugambakkam Sub Registrar Office covers Ganapathy Nagar 8th Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.