Guideline Value for Ganesh Nagar 3rd Street

Ganesh Nagar 3rd Street guideline value

The current guideline value of Ganesh Nagar 3rd 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 3rd Street has changed

The guideline value for Ganesh Nagar 3rd Street has undergone several revisions over the years. In the 2002 revision, the value was Rs 491 per sq.ft, which increased to Rs 665 per sq.ft in 2003, marking a change of +35%. The value saw a significant rise to Rs 1,800 per sq.ft in 2007, an increase of +171%. The 2012 revision recorded a value of Rs 3,500 per sq.ft, reflecting a decrease of -33% from the previous figure. In 2017, the guideline value rose to Rs 2,345 per sq.ft, which was a +49% increase. The most recent revision in 2023 set the value at Rs 3,500 per sq.ft, before the current figure of Rs 3,850 per sq.ft in 2024, which is a +10% increase.

There are no figures available for the revisions in the years not mentioned in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by +684%.

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 is Rs 4,400 per sq.ft, placing Ganesh Nagar 3rd Street's 2024 figure below this median.

• Ganesh Nagar 3rd Cross Street: Rs 3,850 per sq.ft (2024)
• Ganesh Nagar 4th Cross Street: Rs 3,850 per sq.ft (2024)
• Ganesh Nagar 4th Street: Rs 3,850 per sq.ft (2024)
• Ganesh Nagar 2nd 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 Cross Street: Rs 3,850 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 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. Together, the total cost for duty and registration would be 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 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 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 crucial factor in the registration process when buying or selling property in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

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 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 491 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of +684% over this period.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Which office handles the registration of properties in Ganesh Nagar 3rd Street?

The Velacheri Sub Registrar Office handles the registration of properties in Ganesh Nagar 3rd Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the classification of Ganesh Nagar 3rd Street?

Ganesh Nagar 3rd Street is classified as Residential Class II Type - III, indicating its designation for residential use within the area.