Guideline Value for Gannesan Nagar

Gannesan Nagar guideline value

The current guideline value of Gannesan Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village and falls under the Madhavaram SRO. The land classification for Gannesan Nagar is Residential Class II Type - I.

How the guideline value of Gannesan Nagar has changed

The guideline value for Gannesan Nagar has undergone several revisions over the years. The earliest recorded figure is from 2012, which was Rs 1,500 per sq.ft. This was followed by a decrease to Rs 1,005 per sq.ft in 2017, marking a decline of 33%. In 2023, the guideline value increased to Rs 1,500 per sq.ft, and the most recent revision in 2024 has set the value at Rs 1,600 per sq.ft, reflecting a 7% increase from the previous year.

There are no figures available for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has seen a slight increase of 7%.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO with a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value is Rs 1,600 per sq.ft, which is equal to the current value for Gannesan Nagar.

• Gayathiri Nagar: Rs 1,300 per sq.ft (2024)
• Gayathri Nagar, Ponniammanmedu (Ward-24): Rs 1,300 per sq.ft (2024)
• Gemini Nagar st (Ward No.14): Rs 1,300 per sq.ft (2024)
• Gemini Ss Vasan Street (Ward-10): Rs 1,300 per sq.ft (2024)
• Gemini Vasan St (Ward-14): Rs 1,300 per sq.ft (2024)
• Gangaiamman Koil St (Ward No.7): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Gannesan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total fees to Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Gannesan Nagar?

The Gannesan Nagar area is covered by the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor during property registration in Madhavaram. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold.

When registering a property, the guideline value will be assessed, and the applicable duties will be calculated based on this value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Gannesan Nagar?

The current guideline value of Gannesan Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then back to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,600 per sq.ft in 2024.

What is the median guideline value in Madhavaram?

The median guideline value in Madhavaram is Rs 1,600 per sq.ft, which is the same as the current guideline value for Gannesan Nagar.

What are the stamp duty and registration fees for properties in Gannesan Nagar?

For a property valued at Rs 16,00,000, the stamp duty is Rs 1,12,000, and the registration fee is Rs 32,000, totaling Rs 1,44,000.

Which office handles property registrations in Gannesan Nagar?

The Madhavaram Sub Registrar Office handles property registrations in Gannesan Nagar, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.