Guideline Value for Ganesh Nagar 5th Street

Ganesh Nagar 5th Street guideline value

The current guideline value of Ganesh Nagar 5th 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 5th Street has changed

The guideline value for Ganesh Nagar 5th Street has seen several revisions over the years. The 2017 revision set the value at Rs 1,675 per sq.ft. In 2023, the value increased to Rs 2,500 per sq.ft, marking a 49% increase from the previous revision. The latest revision in 2024 raised the guideline value to Rs 2,750 per sq.ft, which is a 10% increase from 2023.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. The register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value is Rs 2,750 per sq.ft, which is the same as the current value for Ganesh Nagar 5th Street.

• Ganesh Nagar 6th Street: Rs 2,750 per sq.ft (2024)
• Ganesh Nagar 4th Street: Rs 2,750 per sq.ft (2024)
• Ganesh Nagar 7th Street: Rs 2,750 per sq.ft (2024)
• Ganesh Nagar 3rd Street 2nd Lane: Rs 2,750 per sq.ft (2024)
• Ganesh Nagar 3rd Street 1st Lane: Rs 2,750 per sq.ft (2024)
• Ganesh Nagar 8th Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Ganesh Nagar 5th 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, totaling 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 also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ganesh Nagar 5th Street?

The Ganesh Nagar 5th 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 further assistance.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value plays a crucial role during the registration of property transactions in Madipakkam-1. It is used to determine the stamp duty and registration fees that need to be paid when a property is sold or purchased.

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

Frequently asked questions

What is the current guideline value of Ganesh Nagar 5th Street?

The current guideline value of Ganesh Nagar 5th Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,675 per sq.ft in 2017 to Rs 2,750 per sq.ft in 2024, reflecting a total increase of 64% over the years.

What is the registration office for Ganesh Nagar 5th Street?

The Velacheri Sub Registrar Office covers Ganesh Nagar 5th Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for properties in Ganesh Nagar 5th Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, if a property has a guideline value of Rs 27,50,000, the stamp duty would be 7% of that amount.

What are the other streets in Madipakkam-1 with the same guideline value?

Other streets in Madipakkam-1, such as Ganesh Nagar 6th Street, Ganesh Nagar 4th Street, and others, also have a guideline value of Rs 2,750 per sq.ft for 2024.