Guideline Value for Ganesh Nagar 2nd Street

Ganesh Nagar 2nd Street guideline value

The current guideline value of Ganesh Nagar 2nd Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village under the Virugambakkam SRO, with a land classification of Residential Special Type - II.

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

The guideline value for Ganesh Nagar 2nd Street has undergone several revisions over the years. In 2002, the value was Rs 398 per sq.ft, which increased to Rs 436 per sq.ft in 2003. Following this, the value saw a significant rise to Rs 750 per sq.ft in 2007, and then it jumped to Rs 4,000 per sq.ft in 2012. However, there was a decrease to Rs 2,680 per sq.ft in 2017. The value then increased to Rs 4,000 per sq.ft in 2023, and has now reached Rs 4,400 per sq.ft in the 2024 revision.

In terms of percentage changes, the guideline value increased by 10% from 2023 to 2024. From 2017 to 2023, it saw a notable increase of 49%. The value decreased by 33% from 2012 to 2017. There was a substantial rise of 433% from 2007 to 2012, and an increase of 72% from 2003 to 2007. The value grew by 10% from 2002 to 2003. Overall, from 2002 to 2024, the guideline value has increased by 1006%.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO, with guideline values ranging from Rs 2,200 to Rs 6,050 per sq.ft as per the 2024 revision. The median guideline value in this area is Rs 3,050 per sq.ft, making the guideline value of Ganesh Nagar 2nd Street above this median.

• Ganesh Nagar 1st Street: Rs 4,400 per sq.ft (2024)
• Ganesh Nagar 3rd Street: Rs 4,400 per sq.ft (2024)
• Ganesh Nagar 4th Street: Rs 4,400 per sq.ft (2024)
• Ganesh Nagar 5th Street: Rs 4,400 per sq.ft (2024)
• Ganesh Nagar 6th Street: Rs 4,400 per sq.ft (2024)
• Ganesh Nagar 7th Street: 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 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000. Together, the total cost for stamp duty and registration fee would be Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ganesh Nagar 2nd Street?

The Ganesh Nagar 2nd Street falls under the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is an essential factor when registering property transactions in Maduravoyal. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price, ensuring that the transaction is recorded accurately.

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 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 398 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, showing an overall increase of 1006% over this period.

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

Ganesh Nagar 2nd Street is classified as Residential Special Type - II.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For example, for a 1,000 sq.ft plot, the total fees would amount to Rs 3,96,000.

Where is the Sub Registrar Office located for Ganesh Nagar 2nd Street?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.