Guideline Value for Ganga Nagar

Ganga Nagar guideline value

The current guideline value of Ganga Nagar, located in Kodambakkam village under the Ashok Nagar SRO, is Rs 6,000 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - III land classification.

How the guideline value of Ganga Nagar has changed

The guideline value for Ganga Nagar has undergone several revisions over the years. The 2007 revision set the value at Rs 2,140 per sq.ft, which increased significantly to Rs 5,500 per sq.ft in 2012. However, there was a decrease to Rs 3,685 per sq.ft in the 2017 revision. Following this, the value saw a substantial rise to Rs 5,500 per sq.ft in 2023, and the latest revision in 2024 has set it at Rs 6,000 per sq.ft. Notably, the register has no figure for the years 2002 and 2003 for this street.

In terms of percentage changes, the guideline value increased by 9% from 2023 to 2024, a notable 49% from 2017 to 2023, and a decrease of 33% from 2012 to 2017. The jump from 2007 to 2012 was significant at 157%, leading to an overall increase of 180% from 2007 to 2024.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median value for these streets is Rs 4,900 per sq.ft, making Ganga Nagar's 2024 figure of Rs 6,000 per sq.ft above the median.

• Ganga Nagar 1st Street: Rs 6,000 per sq.ft (2024)
• Ganga Nagar 2nd Street: Rs 6,000 per sq.ft (2024)
• Ganga Nagar 3rd Street: Rs 6,000 per sq.ft (2024)
• Ganga Nagar 4th Street: Rs 6,000 per sq.ft (2024)
• Gangai Kondan Salai: Rs 3,300 per sq.ft (2024)
• Gangaiamman Koil Street: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Ganga Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total guideline value amounts to Rs 60,00,000. The stamp duty at 7% would be Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, bringing the total charges to Rs 5,40,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ganga Nagar?

The Sub Registrar Office that covers Ganga Nagar is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Kodambakkam, as it determines the minimum value at which properties can be registered. Buyers and sellers must consider this value when negotiating sale prices, as the registration fees and stamp duties are calculated based on the guideline value or the sale price, whichever is higher.

When registering a property, it is essential to ensure that the sale price is not below the guideline value, as this could lead to legal complications. The guideline value serves as a benchmark for both buyers and sellers, ensuring transparency in property transactions.

Frequently asked questions

What is the current guideline value of Ganga Nagar?

The current guideline value of Ganga Nagar is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,140 per sq.ft in 2007 to Rs 6,000 per sq.ft in 2024, reflecting an overall increase of 180% over the years.

What is the land classification of Ganga Nagar?

Ganga Nagar falls under the Residential Class II Type - III land classification.

Where is the Sub Registrar Office for Ganga Nagar located?

The Ashok Nagar Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated in Ganga Nagar?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher. For example, a property valued at Rs 60,00,000 would incur a stamp duty of Rs 4,20,000.