Guideline Value for Ganesh Nagar Extn

Ganesh Nagar Extn guideline value

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

How the guideline value of Ganesh Nagar Extn has changed

The guideline value of Ganesh Nagar Extn has seen several revisions over the years. In the 2007 revision, the value was set at Rs 1,800 per sq.ft. This increased significantly to Rs 3,500 per sq.ft in 2012, marking a 94% rise. However, in the 2017 revision, the value decreased to Rs 2,345 per sq.ft, a drop of 33%. The next revision in 2023 saw a substantial increase to Rs 3,500 per sq.ft, followed by the current rate of Rs 3,850 per sq.ft in 2024, reflecting a 10% increase.

Notably, there are no figures available for the years 2002 and 2003 in the register for this street. 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 Extn is below this median.

• Ganesh Nagar Main (ML Nagar): Rs 4,400 per sq.ft (2024)
• Ganesh Nagar Extension 3rd 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 1st Cross Street: Rs 3,850 per sq.ft (2024)
• Ganesh Nagar Main Road: Rs 4,400 per sq.ft (2024)
• Ganesh Nagar Main Road (Telephone Colony): Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Ganesh Nagar Extn

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, totaling Rs 3,46,500. 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 information.

Which Sub Registrar Office covers Ganesh Nagar Extn?

Ganesh Nagar Extn is covered by 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 Velachery

The guideline value plays a crucial role during the registration of property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is compared with the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Ganesh Nagar Extn?

The current guideline value of Ganesh Nagar Extn 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 from Rs 1,800 per sq.ft in 2007 to Rs 3,850 per sq.ft in 2024, representing an overall increase of 114% over the years.

What are the stamp duty and registration fees for properties in Ganesh Nagar Extn?

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500, and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Which Sub Registrar Office is responsible for Ganesh Nagar Extn?

The Velacheri Sub Registrar Office is responsible for Ganesh Nagar Extn, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification of Ganesh Nagar Extn?

Ganesh Nagar Extn is classified as Residential Class II Type - III, indicating its suitability for residential development.