Guideline Value for Ganesh Nagar

Ganesh Nagar guideline value

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

How the guideline value of Ganesh Nagar has changed

The guideline value for Ganesh Nagar has seen several revisions over the years. Starting from Rs 491 per sq.ft in 2002, it increased to Rs 665 per sq.ft in 2003, marking a 35% rise. The value continued to climb significantly, reaching Rs 2,200 per sq.ft in 2007, which was a 231% increase from the previous revision. In 2012, the value adjusted to Rs 4,000 per sq.ft, reflecting a decrease of 33%. This was followed by a substantial rise to Rs 2,680 per sq.ft in 2017, which was a 49% increase. The most recent revision in 2023 set the value at Rs 4,000 per sq.ft, and then it increased by 10% to the current Rs 4,400 per sq.ft in 2024.

Overall, from 2002 to 2024, the guideline value has increased by 796%. There are no figures available for the years not listed in the register 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 for Ganesh Nagar.

• Ganesh Avenue, Nethaji Colony 9th Cross Street: Rs 4,400 per sq.ft (2024)
• Ganesh Avenue, Nethaji Colony 8th Cross Street: Rs 4,400 per sq.ft (2024)
• Ganesh Avenue, Nethaji Colony 7th Cross Street: Rs 4,400 per sq.ft (2024)
• Ganesh Avenue, Nethaji Colony 6th Cross Street: Rs 4,400 per sq.ft (2024)
• Ganesh Avenue, Nethaji Colony 5th Cross Street: Rs 4,400 per sq.ft (2024)
• Ganesh Avenue, Nethaji Colony 4th Cross Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Ganesh Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, totaling Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ganesh Nagar?

The Ganesh 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 information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees applicable to the transaction. This ensures that both the buyer and seller are aware of the financial obligations involved in the transfer of property ownership.

Frequently asked questions

What is the current guideline value of Ganesh Nagar?

The current guideline value of Ganesh 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 increased significantly from Rs 491 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 796% over the years.

What is the land classification of Ganesh Nagar?

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

Where can I find the Velacheri Sub Registrar Office?

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

How is the stamp duty calculated for property transactions?

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