Guideline Value for Ganesapuram 2nd Street

Ganesapuram 2nd Street guideline value

The current guideline value of Ganesapuram 2nd Street is Rs 7,700 per sq.ft, effective from 1 July 2024. This street is located in the Mylapore Part 1 village, which falls under the Chennai Central Joint I SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Ganesapuram 2nd Street has changed

The guideline value for Ganesapuram 2nd Street has seen a revision from Rs 7,000 per sq.ft in 2023 to Rs 7,700 per sq.ft in 2024, marking an increase of 10%. Prior to 2023, the register has no figures for this street in the years 2017, 2012, 2007, 2003, and 2002.

In the 2024 revision, the guideline value reflects the current market conditions, while the previous figure from 2023 indicates a steady increase. The lack of figures in earlier revisions suggests that the guideline value for this street has not been recorded for several years.

Guideline values in Mylapore Part 1

In Mylapore Part 1, there are 333 streets under the Chennai Central Joint I SRO carrying a 2024 guideline value ranging from Rs 4,400 to Rs 25,300 per sq.ft, with a median value of Rs 8,800 per sq.ft. Ganesapuram 2nd Street's current guideline value is below this median.

• Ganesapuram 1st Street: Rs 7,700 per sq.ft (2024)
• Ganesapuram 3rd Street: Rs 7,700 per sq.ft (2024)
• Ganesapuram 4th Street: Rs 7,700 per sq.ft (2024)
• Ganesapuram 5th Street: Rs 7,700 per sq.ft (2024)
• Ganesapuram 6th Street: Rs 7,700 per sq.ft (2024)
• Ganesapuram Cross Street: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Ganesapuram 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value would be Rs 77,00,000. The stamp duty at 7% would amount to Rs 5,39,000, while the registration fee at 2% would be Rs 1,54,000, bringing the total cost for stamp duty and registration fees to Rs 6,93,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Ganesapuram 2nd Street?

The Ganesapuram 2nd Street falls under 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 is an essential factor in the property registration process in Mylapore Part 1. When a property is bought or sold, the guideline value helps determine the applicable stamp duty and registration fees, ensuring that both parties are aware of the costs involved.

It is crucial for buyers and sellers to understand that the guideline value reflects the government's assessment of property value in the area. This value is used to calculate the necessary fees during the registration process, making it a key component of real estate transactions.

Frequently asked questions

What is the current guideline value of Ganesapuram 2nd Street?

The current guideline value of Ganesapuram 2nd Street is Rs 7,700 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

Recently, the guideline value increased from Rs 7,000 per sq.ft in 2023 to Rs 7,700 per sq.ft in 2024, representing a 10% rise.

What is the land classification for Ganesapuram 2nd Street?

The land classification for Ganesapuram 2nd Street is Residential Class II Type - I.

Which office handles registrations for Ganesapuram 2nd Street?

The Chennai Central Joint I Sub Registrar Office handles registrations for Ganesapuram 2nd Street, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.

How is the stamp duty calculated for properties in Ganesapuram 2nd Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For instance, on a property valued at Rs 77,00,000, the stamp duty would be Rs 5,39,000 at a rate of 7%.