Guideline Value for Ganapathy Nagar

Ganapathy Nagar guideline value

The current guideline value of Ganapathy Nagar in Karanodai village is Rs 440 per sq.ft, effective from 1 July 2024. This area falls under the Redhills SRO and is classified as Residential Class III Type - I.

How the guideline value of Ganapathy Nagar has changed

The guideline value for Ganapathy Nagar has seen several revisions over the years. Starting from Rs 27 per sq.ft in 2003, the value increased significantly to Rs 200 per sq.ft in 2007. It then rose to Rs 400 per sq.ft in 2012, followed by a decrease to Rs 268 per sq.ft in 2017. The value further increased to Rs 400 per sq.ft in 2023 and is now set at Rs 440 per sq.ft from 2024.

Between these revisions, the most notable changes include a dramatic increase of 641% from 2003 to 2007 and a 49% increase from 2017 to 2023. The overall change from 2003 to 2024 reflects a substantial increase of 1530%. The register has no figure for this street for the year 2002.

Guideline values in Karanodai

Karanodai village has 38 streets under the Redhills SRO, with guideline values ranging from Rs 440 to Rs 2,000 per sq.ft. The median value for these streets is Rs 1,210 per sq.ft, placing Ganapathy Nagar's 2024 figure below that median.

• Eswaran Nagar: Rs 1,650 per sq.ft (2024)
• Ganesh Nagar: Rs 1,650 per sq.ft (2024)
• Ganga Nagar: Rs 550 per sq.ft (2024)
• Gnt Road: Rs 1,650 per sq.ft (2024)
• Dr. Ambedkar Street: Rs 440 per sq.ft (2024)
• Dharmaraja Koil Street: Rs 1,210 per sq.ft (2024)

Stamp duty and registration fee for property in Ganapathy Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 440 per sq.ft, the total guideline value amounts to Rs 4,40,000. The stamp duty at 7% would be Rs 30,800, and the registration fee at 2% would be Rs 8,800, bringing the total cost for these fees to Rs 39,600. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Ganapathy Nagar?

The Ganapathy Nagar area is covered by the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value plays a crucial role in the property registration process in Karanodai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When buying or selling property, the guideline value is taken into account for calculating the stamp duty and registration fees. This ensures that both the buyer and seller adhere to the legal requirements set by the Registration Department.

Frequently asked questions

What is the current guideline value of Ganapathy Nagar?

The current guideline value of Ganapathy Nagar is Rs 440 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 27 per sq.ft in 2003 to Rs 440 per sq.ft in 2024, reflecting an overall increase of 1530% over this period.

What is the classification of Ganapathy Nagar?

Ganapathy Nagar is classified as Residential Class III Type - I, indicating its designation for residential purposes.

Where can I find the registration office for Ganapathy Nagar?

The registration office for Ganapathy Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is the stamp duty calculated for property in Ganapathy Nagar?

The stamp duty for property in Ganapathy Nagar is calculated based on the guideline value or the sale price, whichever is higher. The current rate is 7% for stamp duty and 2% for registration fees.