Guideline Value for Ganesh Nagar 7th Street

Ganesh Nagar 7th Street guideline value

The current guideline value of Ganesh Nagar 7th 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. The land classification for this area is Residential Class I Type - III.

How the guideline value of Ganesh Nagar 7th Street has changed

The guideline value for Ganesh Nagar 7th Street has undergone several revisions over the years. The 2017 revision set the guideline value at Rs 1,675 per sq.ft. This increased significantly to Rs 2,500 per sq.ft in the 2023 revision, marking a 49% increase. The most recent revision in 2024 raised the value further to Rs 2,750 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that 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 1,823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for the area is Rs 2,750 per sq.ft, which is the same as the current value for Ganesh Nagar 7th Street.

• Ganesh Nagar 8th Street: Rs 2,750 per sq.ft (2024)
• Ganesh Nagar 6th Street: Rs 2,750 per sq.ft (2024)
• Ganesh Nagar 9th Street: Rs 2,750 per sq.ft (2024)
• Ganesh Nagar Cross Street: Rs 2,750 per sq.ft (2024)
• Ganesh Nagar 5th Street: Rs 2,750 per sq.ft (2024)
• Ganesh Nagar 4th Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Ganesh Nagar 7th 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 cost to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Ganesh Nagar 7th Street?

The Ganesh Nagar 7th 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 details.

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

When buying or selling property in Madipakkam-1, the guideline value is a crucial factor used during the registration process. It serves as a reference point for determining the stamp duty and registration fees applicable to the transaction.

The guideline value ensures that the property is valued appropriately for taxation purposes. Buyers and sellers should be aware of the current guideline value to understand the financial implications of their property transactions.

Frequently asked questions

What is the current guideline value for Ganesh Nagar 7th Street?

The current guideline value for Ganesh Nagar 7th Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed from Rs 1,675 per sq.ft in 2017 to Rs 2,750 per sq.ft in 2024, representing a 64% increase over this period.

What are the stamp duty and registration fees for property in Ganesh Nagar 7th Street?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which Sub Registrar Office covers Ganesh Nagar 7th Street?

The Velacheri Sub Registrar Office covers Ganesh Nagar 7th Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the guideline value determined?

The guideline value is determined by the Registration Department and is based on various factors, including land classification and location. It serves as a standard reference for property transactions in the area.