Guideline Value for Ganesh Nagar Extension

Ganesh Nagar Extension guideline value

The current guideline value of Ganesh Nagar Extension, located in Madhavaram village under the Madhavaram SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - I land classification.

How the guideline value of Ganesh Nagar Extension has changed

In the 2012 revision, the guideline value was set at Rs 1,200 per sq.ft. It then increased to Rs 1,340 per sq.ft in 2017, marking a change of 12%. Following this, the 2023 revision saw a significant jump to Rs 2,000 per sq.ft, reflecting a 49% increase from the previous figure. The most recent revision in 2024 raised the guideline value to Rs 2,200 per sq.ft, which is a 10% increase from 2023. The register has no figure for the years 2002, 2003, and 2007 for this street.

Overall, from 2012 to 2024, the guideline value has increased by 83%, showcasing a steady rise in the valuation of properties in this area over the years.

Guideline values in Madhavaram

The 2024 guideline values for Madhavaram indicate a range from Rs 1,300 to Rs 7,500 per sq.ft across 1,946 streets, with a median value of Rs 1,600 per sq.ft. The guideline value for Ganesh Nagar Extension is above this median, reflecting its positioning within the locality.

• Ganesh Nagar Annex (Ward 29): Rs 2,200 per sq.ft (2024)
• Ganesh Nagar (Ponniamman Medu): Rs 1,300 per sq.ft (2024)
• Ganesh Nagar, Ponniammanmedu (Ward-23): Rs 2,200 per sq.ft (2024)
• Ganesh Nagar (Ward No.29): Rs 2,200 per sq.ft (2024)
• Ganesh Nagar 1st Street (Ward 29): Rs 1,300 per sq.ft (2024)
• Gangadaran St (Ward-30): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Ganesh Nagar Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to 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 Extension?

The Ganesh Nagar Extension falls under the jurisdiction of the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions, as it determines the minimum value at which a property can be registered. When buying or selling property in Madhavaram, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with the transaction.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly impacts the financial obligations during the registration process. Ensuring compliance with these values helps facilitate a smooth transaction and avoids potential legal issues.

Frequently asked questions

What is the current guideline value of Ganesh Nagar Extension?

The current guideline value of Ganesh Nagar Extension is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, increasing from Rs 1,200 per sq.ft in 2012 to Rs 2,200 per sq.ft in 2024, which is an overall increase of 83% over this period.

What are the stamp duty and registration fees for property in Ganesh Nagar Extension?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which office handles property registration for Ganesh Nagar Extension?

The Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060, handles property registration for Ganesh Nagar Extension.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the minimum value for property registration and is essential for calculating the stamp duty and registration fees during a transaction.