Guideline Value for Ganesh Nagar (Ward No.29)

Ganesh Nagar (Ward No.29) guideline value

The current guideline value of Ganesh Nagar (Ward No.29) is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village under the Madhavaram SRO and is classified as Residential Class I Type - I.

How the guideline value of Ganesh Nagar (Ward No.29) has changed

The guideline value for Ganesh Nagar has undergone several revisions over the years. The earliest recorded revision is from 2012, where the guideline value was Rs 2,000 per sq.ft. This figure remained until the next revision in 2017, which saw a decrease to Rs 1,340 per sq.ft. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value up to Rs 2,000 per sq.ft. The most recent revision in 2024 has set the value at Rs 2,200 per sq.ft, marking a 10% increase from the previous year.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with guideline values for 2024 ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value in this area is Rs 1,600 per sq.ft, making the current value of Ganesh Nagar (Ward No.29) above this median.

• Ganesh Nagar, Ponniammanmedu (Ward-23): Rs 2,200 per sq.ft (2024)
• Ganesh Nagar (Ponniamman Medu): Rs 1,300 per sq.ft (2024)
• Ganesh Nagar Extension: Rs 2,200 per sq.ft (2024)
• Ganesh Nagar Annex (Ward 29): Rs 2,200 per sq.ft (2024)
• Gangadaran St (Ward-30): Rs 1,300 per sq.ft (2024)
• Ganesh Nagar 1st Street (Ward 29): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Ganesh Nagar (Ward No.29)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000. Together, the total cost for stamp duty and registration fee would be Rs 1,98,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ganesh Nagar (Ward No.29)?

The Sub Registrar Office that covers Ganesh Nagar (Ward No.29) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that transactions are conducted transparently and fairly.

When a property is sold, the buyer and seller must adhere to the guideline value set by the authorities. This value is used to calculate the stamp duty and registration fees, which are essential components of the property transaction process.

Frequently asked questions

What is the current guideline value of Ganesh Nagar (Ward No.29)?

The current guideline value of Ganesh Nagar (Ward No.29) is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then increased to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification of Ganesh Nagar (Ward No.29)?

Ganesh Nagar (Ward No.29) is classified as Residential Class I Type - I.

Where can I find the Sub Registrar Office for Ganesh Nagar (Ward No.29)?

The Madhavaram Sub Registrar Office covers Ganesh Nagar (Ward No.29) and is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the stamp duty calculated for properties in Ganesh Nagar (Ward No.29)?

The stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000, leading to a stamp duty of Rs 1,54,000.