Guideline Value for Ganesh Nagar Main (ML Nagar)

Ganesh Nagar Main (ML Nagar) guideline value

The current guideline value of Ganesh Nagar Main (ML Nagar) is Rs 4,400 per sq.ft, effective from 1 July 2024. This area is located in Velachery village under the Velacheri SRO, classified as Residential Class II Type - II.

How the guideline value of Ganesh Nagar Main (ML Nagar) has changed

Over the years, the guideline value of Ganesh Nagar Main has seen significant changes. The 2007 revision recorded a guideline value of Rs 1,800 per sq.ft, which increased to Rs 4,000 per sq.ft in 2012, marking a rise of 122%. However, the value dropped to Rs 2,680 per sq.ft in 2017, a decrease of 33%. The subsequent revision in 2023 brought the value back up to Rs 4,000 per sq.ft, and the latest revision in 2024 has set the guideline value at Rs 4,400 per sq.ft, reflecting a 10% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 144%. The register has no figures for the years 2002 and 2003 for this street.

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. The median value is Rs 4,400 per sq.ft, which is equal to the current guideline value of Ganesh Nagar Main (ML Nagar).

• Ganesh Nagar Extn: 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)
• 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 (Nethaji Road/Street, /Pillaiyar Koils Street Extn): Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Ganesh Nagar Main (ML Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, making the total cost for these fees Rs 3,96,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Ganesh Nagar Main (ML Nagar)?

The Ganesh Nagar Main (ML Nagar) area 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 is crucial when registering property transactions in Velachery. It serves as a benchmark for determining the minimum value of a property, ensuring that properties are not sold below a certain price threshold. This value is used to calculate the stamp duty and registration fees payable at the time of property registration.

When you buy or sell property, the guideline value helps in establishing a fair price for both parties involved in the transaction. It is essential to be aware of the current guideline value to ensure compliance with local regulations and to avoid any legal issues during the registration process.

Frequently asked questions

What is the current guideline value of Ganesh Nagar Main (ML Nagar)?

The current guideline value of Ganesh Nagar Main (ML Nagar) is Rs 4,400 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 4,400 per sq.ft in 2024, marking an overall increase of 144% over the years.

What is the land classification for Ganesh Nagar Main (ML Nagar)?

Ganesh Nagar Main (ML Nagar) is classified as Residential Class II Type - II.

What is the registration office for Ganesh Nagar Main (ML Nagar)?

The Velacheri Sub Registrar Office covers Ganesh Nagar Main (ML Nagar) and is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for properties in Ganesh Nagar Main (ML Nagar)?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 44,00,000 would incur a stamp duty of Rs 3,08,000 at 7%.