Guideline Value for Ganesh Nagar Cross Street

Ganesh Nagar Cross Street guideline value

The current guideline value of Ganesh Nagar Cross Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - III.

How the guideline value of Ganesh Nagar Cross Street has changed

The guideline value for Ganesh Nagar Cross Street has seen significant changes over the years. In 2007, the guideline value was Rs 1,800 per sq.ft, which increased to Rs 3,500 per sq.ft in 2012. However, there was a decrease to Rs 2,345 per sq.ft in 2017. Following this, the value rose sharply to Rs 3,500 per sq.ft in 2023, and then further increased to the current value of Rs 3,850 per sq.ft in 2024. The revisions for the years 2002 and 2003 do not have figures recorded for this street.

From 2012 to 2017, there was a decline of 33%, but from 2017 to 2023, the value increased by 49%. The latest revision from 2023 to 2024 shows a growth of 10%. Overall, from 2007 to 2024, the guideline value has increased by 114%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. The guideline value for Ganesh Nagar Cross Street is below this median.

• Ganesh Nagar Extension 1st Cross Street: Rs 3,850 per sq.ft (2024)
• Ganesh Nagar Extension 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• Ganesh Nagar Extension 3rd Cross Street: Rs 3,850 per sq.ft (2024)
• Ganesh Nagar Extn: Rs 3,850 per sq.ft (2024)
• Ganesh Nagar Main (ML Nagar): 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 Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, totaling Rs 3,46,500. It's important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ganesh Nagar Cross Street?

The Ganesh Nagar Cross 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 Velachery

The guideline value is a crucial factor in property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered. When a buyer and seller agree on a sale price, the registration office will charge duties based on the higher of the guideline value or the sale price.

This ensures that all property transactions are conducted transparently and fairly, with the guideline value reflecting the official valuation of properties in the area. Buyers should be aware of the guideline value to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Ganesh Nagar Cross Street?

The current guideline value of Ganesh Nagar Cross Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, starting from Rs 1,800 per sq.ft in 2007, rising to Rs 3,500 in 2012, dropping to Rs 2,345 in 2017, and then increasing to Rs 3,500 in 2023, before reaching Rs 3,850 in 2024.

What is the registration fee for properties in Ganesh Nagar Cross Street?

The registration fee is calculated at 2% of the guideline value. For a property valued at Rs 38,50,000, the registration fee would be Rs 77,000.

Which office handles registrations for Ganesh Nagar Cross Street?

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

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

Stamp duty is charged at 7% on the higher of the guideline value or the sale price. For example, for a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500.