Guideline Value for Ganesh Nagar 1st Street

Ganesh Nagar 1st Street guideline value

The current guideline value of Ganesh Nagar 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village under the Velacheri SRO and is classified as Residential Class II Type - III.

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

The guideline value for Ganesh Nagar 1st Street has seen several revisions over the years. In 2002, the value was Rs 491 per sq.ft, which increased to Rs 665 per sq.ft in 2003, marking a rise of 35%. This was followed by a significant jump to Rs 1,800 per sq.ft in 2007, reflecting an increase of 171%. The value then rose to Rs 3,500 per sq.ft in 2012, a 94% increase, but dropped to Rs 2,345 per sq.ft in 2017, showing a decrease of 33%.

From 2017 to 2024, the guideline value surged to Rs 3,850 per sq.ft, a substantial increase of 64%. Overall, from 2002 to 2024, there has been a remarkable rise of 684%. It is important to note that the register has no figure for this street for the year 2023.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. The guideline value for Ganesh Nagar 1st Street is below this median.

• Ganesh Nagar 1st Main Road: Rs 4,400 per sq.ft (2024)
• Ganesh Nagar 1st Cross Street: Rs 3,850 per sq.ft (2024)
• Ganesh Nagar 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• Ganesh Nagar 2nd Cross Street, Telephone Colony: Rs 3,850 per sq.ft (2024)
• Ganesh Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Ganesh Nagar 3rd Cross Street: Rs 3,850 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 guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, totaling Rs 3,46,500. 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 more details.

Which Sub Registrar Office covers Ganesh Nagar 1st Street?

The Ganesh Nagar 1st Street falls under the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the state receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the official valuation of the property. This value is used to calculate the applicable 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 1st Street?

The current guideline value of Ganesh Nagar 1st Street is Rs 3,850 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 491 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, marking an overall increase of 684% over the years.

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

Ganesh Nagar 1st Street is classified as Residential Class II Type - III, indicating its suitability for residential purposes.

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the stamp duty calculated for properties in Ganesh Nagar 1st Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a 1,000 sq.ft property at the current guideline value would incur a stamp duty of Rs 2,69,500.