Guideline Value for Ganesh Nagar 2nd Cross Street

Ganesh Nagar 2nd Cross Street guideline value

The current guideline value of Ganesh Nagar 2nd Cross 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 2nd Cross Street has changed

Over the years, the guideline value of Ganesh Nagar 2nd Cross Street has seen several revisions. The earliest recorded value was Rs 1,800 per sq.ft in 2007, which increased significantly to Rs 3,500 per sq.ft in 2012. However, this figure dropped to Rs 2,345 per sq.ft in 2017. The most recent revision in 2024 has set the guideline value at Rs 3,850 per sq.ft, marking a substantial increase of 64% from the 2017 figure.

In summary, from 2007 to 2012, the value increased by 94%, followed by a decrease of 33% from 2012 to 2017. The overall change from the 2007 revision to the 2024 revision is an increase of 114%. It is important to note that the register has no figures for the years 2023, 2003, and 2002 for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value for the area is Rs 4,400 per sq.ft, placing Ganesh Nagar 2nd Cross Street's 2024 figure below this median.

• 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 1st Street: Rs 3,850 per sq.ft (2024)
• 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 3rd Cross Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Ganesh Nagar 2nd Cross 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, while the registration fee at 2% would be Rs 77,000. Together, the total cost for these fees would be Rs 3,46,500. It is important to note that 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 2nd Cross Street?

Ganesh Nagar 2nd Cross Street falls under the jurisdiction of 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 critical factor when registering property transactions in Velachery. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property, ensuring that both buyers and sellers adhere to the legal requirements during the transaction process.

When you buy or sell property, the guideline value is used to assess the minimum value of the property for the purpose of taxation. This ensures that the transaction is recorded accurately and that the appropriate fees are collected by the government.

Frequently asked questions

What is the current guideline value of Ganesh Nagar 2nd Cross Street?

The current guideline value of Ganesh Nagar 2nd Cross 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, with the value in 2007 being Rs 1,800 per sq.ft, increasing to Rs 3,500 per sq.ft in 2012, then dropping to Rs 2,345 per sq.ft in 2017, and finally rising to Rs 3,850 per sq.ft in 2024.

What is the land classification for Ganesh Nagar 2nd Cross Street?

Ganesh Nagar 2nd Cross Street is classified as Residential Class II Type - III.

Where can I find the registration office for Ganesh Nagar 2nd Cross Street?

The Velacheri Sub Registrar Office, which covers Ganesh Nagar 2nd Cross Street, is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for properties in Ganesh Nagar 2nd Cross Street?

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