Guideline Value for Ganapathy Nagar Road

Ganapathy Nagar Road guideline value

The current guideline value of Ganapathy Nagar Road is Rs 8,700 per sq.ft, effective from 1 July 2024. This road is located in Mylapore Part 1 village and falls under the Chennai Central Joint I SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Ganapathy Nagar Road has changed

Over the years, the guideline value for Ganapathy Nagar Road has seen several revisions. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017. The most recent revision in 2023 set the value at Rs 8,000 per sq.ft, which increased by 9% to Rs 8,700 per sq.ft in the 2024 revision.

This change reflects a notable increase from the previous year, indicating a rise in the guideline value. The 2024 figure of Rs 8,700 per sq.ft is below the median guideline value of Rs 8,800 per sq.ft for the 333 streets in Mylapore Part 1 under the Chennai Central Joint I SRO.

Guideline values in Mylapore Part 1

The guideline values for Mylapore Part 1 range from Rs 4,400 to Rs 25,300 per sq.ft, with a median value of Rs 8,800 per sq.ft. Ganapathy Nagar Road's 2024 figure is below this median. Here are some other streets in Mylapore Part 1:

• Ganapathy Mudali Street: Rs 8,700 per sq.ft (2024)
• Ganapathy Colony Main Road: Rs 8,700 per sq.ft (2024)
• Ganapathy Colony 3rd Street: Rs 8,700 per sq.ft (2024)
• Ganapathy Colony 2nd Street: Rs 8,700 per sq.ft (2024)
• Ganapathy Colony 1st Street: Rs 8,700 per sq.ft (2024)
• Ganapathy Colony: Rs 8,700 per sq.ft (2024)

Stamp duty and registration fee for property in Ganapathy Nagar Road

For a 1,000 sq.ft plot at the current guideline value of Rs 8,700 per sq.ft, the total guideline value would be Rs 87,00,000. The stamp duty at 7% would amount to Rs 6,09,000, while the registration fee at 2% would be Rs 1,74,000. Together, the total fees would be Rs 7,83,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can also use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Ganapathy Nagar Road?

The Sub Registrar Office that covers Ganapathy Nagar Road is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Mylapore Part 1

The guideline value plays a crucial role during the registration of property transactions in Mylapore Part 1. It is used to determine the stamp duty and registration fees that need to be paid, ensuring that the transaction is legally recognized and recorded.

When buying or selling property, the guideline value serves as a benchmark for the transaction value. It helps in ensuring transparency and fairness in property dealings, as it is based on government assessments of property values in the area.

Frequently asked questions

What is the current guideline value of Ganapathy Nagar Road?

The current guideline value of Ganapathy Nagar Road is Rs 8,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen revisions in 2023 and 2024, with the 2023 figure being Rs 8,000 per sq.ft and the 2024 figure increasing to Rs 8,700 per sq.ft. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification for Ganapathy Nagar Road?

Ganapathy Nagar Road is classified as Residential Class I Type - III, indicating its suitability for residential development.

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 charged at 2% of the guideline value or sale price, whichever is higher. For a 1,000 sq.ft plot, the total fees would amount to Rs 7,83,000.

Where is the Sub Registrar Office for Ganapathy Nagar Road located?

The Sub Registrar Office for Ganapathy Nagar Road is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.