Guideline Value for Ganga Avenue

Ganga Avenue guideline value

The current guideline value of Ganga Avenue, located in Maduravoyal village under the Virugambakkam SRO, is Rs 2,750 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Ganga Avenue has changed

The guideline value for Ganga Avenue has undergone several revisions over the years. In 2002, the value was Rs 329 per sq.ft, which increased to Rs 360 per sq.ft in 2003, representing a 9% rise. The value saw a significant jump to Rs 500 per sq.ft in 2007, marking a 39% increase. However, between 2007 and 2012, the value dropped to Rs 2,500 per sq.ft, reflecting a decrease of 400%. The 2017 revision recorded a value of Rs 1,675 per sq.ft, which was a 33% decline from the previous figure. In 2023, the value increased to Rs 2,500 per sq.ft, and the most recent revision in 2024 set the value at Rs 2,750 per sq.ft, indicating a 10% increase.

Overall, from 2002 to 2024, the guideline value has risen by 736%. The register has no figures for the years between 2012 and 2017 for this street.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median value for these streets is Rs 3,050 per sq.ft, making Ganga Avenue's 2024 figure below that median.

• Ganesh Nagar Main Road: Rs 4,400 per sq.ft (2024)
• Ganesh Nagar 7th Street: Rs 4,400 per sq.ft (2024)
• Ganesh Nagar 6th Street: Rs 4,400 per sq.ft (2024)
• Ganesh Nagar 5th Street: Rs 4,400 per sq.ft (2024)
• Ganesh Nagar 4th Street: Rs 4,400 per sq.ft (2024)
• Ganesh Nagar 3rd Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Ganga Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost for these fees to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ganga Avenue?

The Sub Registrar Office that covers Ganga Avenue is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Maduravoyal. It serves as the basis for calculating stamp duty and registration fees, ensuring that these costs are aligned with the official valuation of the property.

When a buyer or seller engages in a property transaction, the guideline value helps determine the minimum price at which the property can be registered. This ensures transparency and consistency in the property registration process.

Frequently asked questions

What is the current guideline value of Ganga Avenue?

The current guideline value of Ganga Avenue is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 329 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 736% over the years.

What is the land classification for Ganga Avenue?

The land classification for Ganga Avenue is Residential Class IV Type - I.

Where is the Sub Registrar Office for Ganga Avenue located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How are stamp duty and registration fees calculated for properties in Ganga Avenue?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the total fees would amount to Rs 2,47,500.