Guideline Value for Ganesh Nagar 5th Street

Ganesh Nagar 5th Street guideline value

The current guideline value of Ganesh Nagar 5th Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village under the Virugambakkam SRO, classified as Residential Special Type - II.

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. In 2002, the value was Rs 398 per sq.ft, which increased to Rs 436 per sq.ft in 2003. The value then rose significantly to Rs 750 per sq.ft in 2007, followed by a sharp increase to Rs 4,000 per sq.ft in 2012. However, this figure decreased to Rs 2,680 per sq.ft in 2017. The value was revised to Rs 4,000 per sq.ft in 2023, before reaching the current rate of Rs 4,400 per sq.ft in 2024.

Between the revisions, the changes were notable. From 2002 to 2003, there was a 10% increase. The value surged by 72% from 2003 to 2007, followed by a staggering 433% rise from 2007 to 2012. After a decrease of 33% from 2012 to 2017, the value saw a 49% increase from 2017 to 2023. The latest revision from 2023 to 2024 reflects a 10% increase. 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 a 2024 guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median value is Rs 3,050 per sq.ft, placing Ganesh Nagar 5th Street's current value above this median.

• Ganesh Nagar 6th Street: Rs 4,400 per sq.ft (2024)
• Ganesh Nagar 4th Street: Rs 4,400 per sq.ft (2024)
• Ganesh Nagar 7th Street: Rs 4,400 per sq.ft (2024)
• Ganesh Nagar 3rd Street: Rs 4,400 per sq.ft (2024)
• Ganesh Nagar 2nd Street: Rs 4,400 per sq.ft (2024)
• Ganesh Nagar Main Road: Rs 4,400 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 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. Please 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 details.

Which Sub Registrar Office covers Ganesh Nagar 5th Street?

The Ganesh Nagar 5th Street falls under the jurisdiction of the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Maduravoyal. It serves as a benchmark for determining the minimum price at which a property can be registered. When buying or selling a property, the guideline value is often used to calculate applicable stamp duty and registration fees.

During the registration process, the buyer must pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property being transferred.

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

How has the guideline value changed over the years?

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

What is the land classification of Ganesh Nagar 5th Street?

Ganesh Nagar 5th Street is classified as Residential Special Type - II under the Virugambakkam SRO.

What are the stamp duty rates for properties in Ganesh Nagar 5th Street?

The stamp duty for properties in Ganesh Nagar 5th Street is charged at 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Ganesh Nagar 5th Street?

The Sub Registrar Office covering Ganesh Nagar 5th Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.