Guideline Value for Ganapathy Nagar II Street

Ganapathy Nagar II Street guideline value

The current guideline value of Ganapathy Nagar II Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - II.

How the guideline value of Ganapathy Nagar II Street has changed

The guideline value for Ganapathy Nagar II Street has undergone several revisions over the years. The 2012 revision set the value at Rs 4,000 per sq.ft, which was followed by a decrease to Rs 2,680 per sq.ft in the 2017 revision. However, the most recent revision in 2024 increased the guideline value to Rs 4,400 per sq.ft, marking a significant increase of 64% from the 2017 figure. Overall, from 2012 to 2024, the guideline value has seen a slight increase of 10%.

It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2023 in the register for this street. This lack of data indicates that the guideline value remained unchanged during those years.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, which is the same as the current guideline value for Ganapathy Nagar II Street.

• Ganapathy Nagar Gangai Amman Kovil Street: Rs 13,200 per sq.ft (2024)
• Ganapathy Nagar, Marudhupandi Street: Rs 4,400 per sq.ft (2024)
• Ganapathy Nagar 1st Street: Rs 4,400 per sq.ft (2024)
• Ganapathy Sachidhanandhapuram: Rs 3,850 per sq.ft (2024)
• Ganapathy Sachidhanandhapuram 1st Street: Rs 3,850 per sq.ft (2024)
• Ganapathy Sachidhanandhapuram 2nd Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Ganapathy Nagar II Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total cost to Rs 3,96,000. It is important to note that the stamp duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ganapathy Nagar II Street?

The Ganapathy Nagar II Street falls under the jurisdiction of the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value will influence the stamp duty and registration fees that need to be paid.

During the registration process, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher, ensuring that the registration reflects the true value of the property.

Frequently asked questions

What is the current guideline value of Ganapathy Nagar II Street?

The current guideline value of Ganapathy Nagar II Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,000 per sq.ft in 2012 to Rs 2,680 per sq.ft in 2017, and then increased to Rs 4,400 per sq.ft in 2024. This represents a 64% increase from 2017 to 2024.

What is the land classification for Ganapathy Nagar II Street?

Ganapathy Nagar II Street is classified as Residential Class II Type - II, indicating its suitability for residential development.

Where can I find the registration office for Ganapathy Nagar II Street?

The registration office for Ganapathy Nagar II Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for properties in Velachery?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, for a property with a guideline value of Rs 44,00,000, the stamp duty would be Rs 3,08,000 at 7%.