Guideline Value for Ganesh Nagar 3rd Street

Ganesh Nagar 3rd Street guideline value

The current guideline value of Ganesh Nagar 3rd Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO, classified as Residential Class I Type - III.

How the guideline value of Ganesh Nagar 3rd Street has changed

The guideline value for Ganesh Nagar 3rd Street has seen significant changes over the years. The 2017 revision set the value at Rs 1,675 per sq.ft, which then increased to Rs 2,500 per sq.ft in the 2023 revision. The latest revision in 2024 has raised the value further to Rs 2,750 per sq.ft, marking a 10% increase from the previous year. Overall, from 2017 to 2024, there has been a 64% increase in the guideline value.

There are no figures available for the years 2002, 2003, 2007, and 2012 in the register for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO with a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, which is equal to the current guideline value of Ganesh Nagar 3rd Street.

• Ganesh Nagar 3rd Cross Street: Rs 2,750 per sq.ft (2024)
• Ganesh Nagar 3rd Street 1st Lane: Rs 2,750 per sq.ft (2024)
• Ganesh Nagar 3rd Street 2nd Lane: Rs 2,750 per sq.ft (2024)
• Ganesh Nagar 4th Street: Rs 2,750 per sq.ft (2024)
• Ganesh Nagar 2nd Street: Rs 2,750 per sq.ft (2024)
• Ganesh Nagar 5th Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Ganesh Nagar 3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Ganesh Nagar 3rd Street?

The Ganesh Nagar 3rd 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 Madipakkam-1

The guideline value is a crucial factor during the registration of property transactions in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Ganesh Nagar 3rd Street?

The current guideline value of Ganesh Nagar 3rd Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2017, the guideline value has increased from Rs 1,675 per sq.ft to Rs 2,750 per sq.ft in 2024, marking a total increase of 64% over this period.

What are the stamp duty and registration fees for property in Ganesh Nagar 3rd Street?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 1,92,500, and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which office handles registrations for Ganesh Nagar 3rd Street?

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

What is the land classification of Ganesh Nagar 3rd Street?

Ganesh Nagar 3rd Street is classified as Residential Class I Type - III, indicating its designation for residential purposes.