Guideline Value for Ganesh Nagar 8th Street

Ganesh Nagar 8th Street guideline value

The current guideline value of Ganesh Nagar 8th 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, and is classified as Residential Class I Type - III.

How the guideline value of Ganesh Nagar 8th Street has changed

In the 2017 revision, the guideline value was Rs 1,675 per sq.ft. This increased to Rs 2,500 per sq.ft in the 2023 revision, marking a significant change of 49%. The current 2024 revision shows a further increase to Rs 2,750 per sq.ft, which is a 10% rise from the previous year.

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 matches the 2024 figure for Ganesh Nagar 8th Street.

• Ganesh Nagar 9th Street: Rs 2,750 per sq.ft (2024)
• Ganesh Nagar Cross Street: Rs 2,750 per sq.ft (2024)
• Ganesh Nagar 7th Street: Rs 2,750 per sq.ft (2024)
• Ganesh Nagar 6th 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 8th 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, making the total charges 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 calculate your own fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ganesh Nagar 8th Street?

The Ganesh Nagar 8th Street is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For more information, you can find your SRO.

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

The guideline value is a crucial figure used during the registration of property transactions in Madipakkam-1. It serves as a basis for calculating the stamp duty and registration fees that are payable when a property is sold or purchased.

When a buyer or seller approaches the registration office, the guideline value helps ensure that the transaction is recorded accurately and that the appropriate taxes are collected based on the established rates for the area.

Frequently asked questions

What is the current guideline value of Ganesh Nagar 8th Street?

The current guideline value of Ganesh Nagar 8th 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 seen significant changes, increasing from Rs 1,675 per sq.ft in 2017 to Rs 2,500 per sq.ft in 2023, and then to Rs 2,750 per sq.ft in 2024.

What is the land classification of Ganesh Nagar 8th Street?

Ganesh Nagar 8th Street is classified as Residential Class I Type - III under the land classification system.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated as a percentage of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 27,50,000 incurs a stamp duty of Rs 1,92,500 at a rate of 7%.

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042, and it handles registrations for Ganesh Nagar 8th Street.