Guideline Value for Ganapathy Street, LIC Colony

Ganapathy Street, LIC Colony guideline value

The current guideline value of Ganapathy Street, LIC Colony is Rs 2,530 per sq.ft, effective from 1 July 2024. This street is located in Pammal village, under the Pammal SRO, and is classified as Residential Class I Type - I.

How the guideline value of Ganapathy Street, LIC Colony has changed

The guideline value for Ganapathy Street has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 2,530 per sq.ft, which represents a 10% increase from the 2023 figure of Rs 2,300 per sq.ft. Prior to this, the 2017 revision recorded a value of Rs 1,541 per sq.ft, marking a significant increase of 49% over the following six years.

It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street. Overall, from 2017 to 2024, the guideline value has increased by 64%.

Guideline values in Pammal

Pammal village features a total of 926 streets under the Pammal SRO, with guideline values ranging from Rs 880 to Rs 3,300 per sq.ft. The median guideline value in this area is Rs 2,090 per sq.ft, positioning Ganapathy Street's 2024 figure above the median.

• Gandhi Nagar / All Streets: Rs 2,475 per sq.ft (2024)
• Gandhi Nagar/Durairaj Street: Rs 2,475 per sq.ft (2024)
• Gandhi Nagar Extn: Rs 2,475 per sq.ft (2024)
• Gandhi Nagar Extn, Cross Street: Rs 2,475 per sq.ft (2024)
• Gandhi Road, Moovendhar Nagar: Rs 2,475 per sq.ft (2024)
• Gandhi Salai / Anna Nagar: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Ganapathy Street, LIC Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 2,530 per sq.ft, the total guideline value amounts to Rs 25,30,000. The stamp duty at 7% would be Rs 1,77,100, while the registration fee at 2% would be Rs 50,600, bringing the total to Rs 2,27,700. It is important to note that the 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 Street, LIC Colony?

The Sub Registrar Office that covers Ganapathy Street, LIC Colony is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Pammal. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented accurately in the official records.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with the transfer of ownership. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value of Ganapathy Street, LIC Colony?

The current guideline value of Ganapathy Street, LIC Colony is Rs 2,530 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 1,541 per sq.ft in 2017 to Rs 2,530 per sq.ft in 2024, which is an overall increase of 64%.

What is the registration office for Ganapathy Street, LIC Colony?

The registration office for Ganapathy Street, LIC Colony is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

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

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, and the registration fee is 2%. For example, for a 1,000 sq.ft plot, the total fees would be Rs 2,27,700.

How does the guideline value affect property transactions?

The guideline value is used to determine the minimum registration value for property transactions, influencing the stamp duty and registration fees. It ensures that property transactions are recorded accurately in official registers.