Guideline Value for Ganesh Nagar Vigneshwara Street

Ganesh Nagar Vigneshwara Street guideline value

The current guideline value of Ganesh Nagar Vigneshwara 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 falls under the Residential Class II Type - III land classification.

How the guideline value of Ganesh Nagar Vigneshwara Street has changed

The guideline value for Ganesh Nagar Vigneshwara Street has undergone several revisions over the years. In 2007, the value was Rs 1,800 per sq.ft, which increased to Rs 3,500 per sq.ft in 2012. However, this figure saw a decline to Rs 2,345 per sq.ft in 2017. The subsequent revision in 2023 raised the value to Rs 3,500 per sq.ft, and the most recent revision in 2024 has set the value at Rs 3,850 per sq.ft. The register has no figures for the years 2002 and 2003.

Between these revisions, the changes were significant. From 2007 to 2012, there was an increase of 94%, followed by a decrease of 33% from 2012 to 2017. The value then increased by 49% from 2017 to 2023, and finally, there was a 10% increase from 2023 to 2024. Overall, the guideline value has increased by 114% from 2007 to 2024.

Guideline values in Velachery

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

• Ganesh Nagar Ranganathan Street: Rs 3,850 per sq.ft (2024)
• Ganesh Nagar (Nethaji Road/Street, /Pillaiyar Koils Street Extn): Rs 4,400 per sq.ft (2024)
• Ganesh Nagar Main Road (Telephone Colony): Rs 4,400 per sq.ft (2024)
• Ganesh Nagar Main Road: Rs 4,400 per sq.ft (2024)
• Ganesh Nagar Main (ML Nagar): Rs 4,400 per sq.ft (2024)
• Ganesh Nagar Extn: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Ganesh Nagar Vigneshwara 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, bringing the total fees together to Rs 3,46,500. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ganesh Nagar Vigneshwara Street?

The Ganesh Nagar Vigneshwara Street is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042, in the Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Velachery. It serves as a benchmark for determining the minimum price at which a property can be registered. Buyers must consider this value when making offers, as it directly impacts the stamp duty and registration fees payable at the time of registration.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for the legal transfer of property ownership. This ensures that the transaction is recorded accurately and complies with local regulations.

Frequently asked questions

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

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

What is the stamp duty for properties in Ganesh Nagar Vigneshwara Street?

The stamp duty for properties in Ganesh Nagar Vigneshwara Street is 7% of the guideline value or sale price, whichever is higher.

Which Sub Registrar Office is responsible for Ganesh Nagar Vigneshwara Street?

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

What are the guideline values of other streets in Velachery?

Other streets in Velachery have varying guideline values, with some streets like Ganesh Nagar (Nethaji Road/Street) and Ganesh Nagar Main Road having values of Rs 4,400 per sq.ft, while Ganesh Nagar Ranganathan Street and Ganesh Nagar Extn have values of Rs 3,850 per sq.ft.