Guideline Value for Ganesh Nagar 9th Street

Ganesh Nagar 9th Street guideline value

The current guideline value of Ganesh Nagar 9th 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 9th Street has changed

The guideline value for Ganesh Nagar 9th Street has undergone several revisions over the years. The earliest recorded revision was in 2017, where the value was Rs 1,675 per sq.ft. This increased to Rs 2,500 per sq.ft in 2023, representing a 49% increase. The latest revision in 2024 set the value at Rs 2,750 per sq.ft, marking a 10% increase from the previous year.

There are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street. Overall, from 2017 to 2024, the guideline value has increased by 64%.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 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 for these streets is Rs 2,750 per sq.ft, which is equal to the 2024 figure for Ganesh Nagar 9th Street.

• Ganesh Nagar 8th 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 Main Road: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Ganesh Nagar 9th 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, resulting in a total of Rs 2,47,500. It is important to note that 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 information.

Which Sub Registrar Office covers Ganesh Nagar 9th Street?

The Sub Registrar Office that covers Ganesh Nagar 9th Street is 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 when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official register.

When registering a property, the buyer must pay stamp duty and registration fees 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 9th Street?

The current guideline value of Ganesh Nagar 9th 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 that period.

What is the stamp duty rate for property transactions?

The stamp duty rate for property transactions in this area is 7% of the guideline value or the sale price, whichever is higher.

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.

What are the guideline values of other streets in Madipakkam-1?

Other streets in Madipakkam-1 have a guideline value of Rs 2,750 per sq.ft in 2024, including Ganesh Nagar 8th Street, Ganesh Nagar Cross Street, Ganesh Nagar 7th Street, Ganesh Nagar 6th Street, Ganesh Nagar 5th Street, and Ganesh Nagar Main Road.