Guideline Value for Ganesh Nagar 2nd Street

Ganesh Nagar 2nd Street guideline value

The current guideline value of Ganesh Nagar 2nd 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 it falls under the Residential Class II Type - III land classification.

How the guideline value of Ganesh Nagar 2nd Street has changed

The guideline value for Ganesh Nagar 2nd Street has undergone several revisions since 2002. The earliest recorded figure in 2002 was Rs 491 per sq.ft, which increased to Rs 665 per sq.ft in 2003, marking a 35% increase. Following this, the value rose significantly to Rs 1,800 per sq.ft in 2007, reflecting a 171% increase. The 2012 revision saw a decrease to Rs 3,500 per sq.ft, a drop of 33%. In 2017, the value increased to Rs 2,345 per sq.ft, and the most recent revision in 2024 set it at Rs 3,850 per sq.ft, representing a 64% increase from 2017. The register has no figure 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 2nd Street is below this median.

• Ganesh Nagar 2nd Cross Street, Telephone Colony: Rs 3,850 per sq.ft (2024)
• Ganesh Nagar 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• Ganesh Nagar 3rd Cross Street: Rs 3,850 per sq.ft (2024)
• Ganesh Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Ganesh Nagar 3rd Street: Rs 3,850 per sq.ft (2024)
• Ganesh Nagar 1st Main Road: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Ganesh Nagar 2nd 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, bringing the total to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Ganesh Nagar 2nd Street?

The Ganesh Nagar 2nd 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 in property transactions in Velachery, as it determines the minimum value at which a property can be registered. It is used to calculate the stamp duty and registration fees that are payable during the sale process.

When buying or selling a property, the guideline value ensures that the transaction is recorded at a fair price, which is essential for transparency and compliance with local regulations. Buyers and sellers must be aware of the current guideline value to ensure accurate financial planning.

Frequently asked questions

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

The current guideline value of Ganesh Nagar 2nd Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2002?

Since 2002, the guideline value has increased from Rs 491 per sq.ft to Rs 3,850 per sq.ft in 2024, which is an overall increase of 684%.

What are the stamp duty and registration fees for a property in Ganesh Nagar 2nd Street?

For a property valued at Rs 3,850 per sq.ft, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500 for a 1,000 sq.ft plot.

Which office handles property registrations in Velachery?

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

Are there other streets with the same guideline value in Velachery?

Yes, several other streets in Velachery have the same guideline value of Rs 3,850 per sq.ft in 2024, including Ganesh Nagar 2nd Cross Street and Ganesh Nagar 1st Street.