Guideline Value for Ganesh Nagar 1st Street

Ganesh Nagar 1st Street guideline value

The current guideline value of Ganesh Nagar 1st Street is Rs 1,000 per sq.ft. This street is located in Panchetty village, under the jurisdiction of the Redhills SRO. The land classification for this area is Commercial Class I Type - I.

How the guideline value of Ganesh Nagar 1st Street has changed

Since the 2007 revision, the guideline value for Ganesh Nagar 1st Street has seen an overall increase of 43%. In 2007, the value was Rs 700 per sq.ft, which increased to Rs 1,000 per sq.ft in the 2012 revision. However, it dropped to Rs 670 per sq.ft in 2017 before rising again to Rs 1,000 per sq.ft in 2023 and remaining the same in the 2024 revision.

The changes between the revisions show that from 2012 to 2017, there was a decrease of 33%. Following that, from 2017 to 2023, the value increased by 49%. The most recent revision in 2024 has not changed the value, maintaining it at Rs 1,000 per sq.ft.

Guideline values in Panchetty

Panchetty village has a total of 46 streets under the Redhills SRO that carry a 2024 guideline value, ranging from Rs 300 to Rs 1,600 per sq.ft. The median value is Rs 1,000 per sq.ft, which is equal to the guideline value of Ganesh Nagar 1st Street.

• Ganesh Nagar: Rs 1,000 per sq.ft (2024)
• Ganesh Nagar Main Street: Rs 1,000 per sq.ft (2024)
• Gnt Road: Rs 1,000 per sq.ft (2024)
• Jayam Nagar: Rs 800 per sq.ft (2024)
• Church Koil Street: Rs 1,000 per sq.ft (2024)
• Church Koil 3rd Street: Rs 1,000 per sq.ft (2024)

Stamp duty and registration fee for property in Ganesh Nagar 1st Street

For a 1,000 sq.ft plot at the current rate, the guideline value is Rs 10,00,000. The stamp duty at 7% would be Rs 70,000, and the registration fee at 2% would be Rs 20,000, bringing the total to Rs 90,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ganesh Nagar 1st Street?

The Sub Registrar Office that covers Ganesh Nagar 1st Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for further assistance.

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

When buying or selling property in Panchetty, the guideline value is crucial for determining the stamp duty and registration fees. These fees are calculated based on the higher of the guideline value or the sale price of the property.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly affects the costs involved in property transactions. This ensures that all parties are informed about the financial implications of the sale or purchase.

Frequently asked questions

What is the current guideline value of Ganesh Nagar 1st Street?

The current guideline value of Ganesh Nagar 1st Street is Rs 1,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 700 per sq.ft in 2007 to Rs 1,000 per sq.ft in 2012, then decreased to Rs 670 per sq.ft in 2017, before rising to Rs 1,000 per sq.ft in 2023 and remaining the same in 2024.

What is the land classification for Ganesh Nagar 1st Street?

The land classification for Ganesh Nagar 1st Street is Commercial Class I Type - I, indicating its suitability for commercial activities.

Where can I find the registration office for Ganesh Nagar 1st Street?

The registration office for Ganesh Nagar 1st Street 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 properties in Ganesh Nagar 1st Street?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher. Additionally, a registration fee of 2% is applicable, making it essential to consider these costs when buying or selling property.