Guideline Value for Ganpathraj Nagar - 2nd Street

Ganpathraj Nagar - 2nd Street guideline value

The current guideline value for Ganpathraj Nagar - 2nd Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Ganpathraj Nagar - 2nd Street has changed

The guideline value for Ganpathraj Nagar - 2nd Street has seen several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 400 per sq.ft. This increased to Rs 443 per sq.ft in 2003, marking an increase of 11%. The value further rose to Rs 750 per sq.ft in 2007, reflecting a significant increase of 69%. In 2012, the value was Rs 3,000 per sq.ft, showing a remarkable increase of 300% from the previous revision. However, from 2012 to 2017, the value decreased to Rs 2,010 per sq.ft, a decline of 33%. The 2023 revision set the value at Rs 3,000 per sq.ft, which then increased by 10% to reach the current value of Rs 3,300 per sq.ft in 2024.

Overall, from 2002 to 2024, the guideline value has increased by 725%. There are no figures available for the revisions in years other than those specified.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO, with guideline values for 2024 ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, indicating that the guideline value for Ganpathraj Nagar - 2nd Street is below this median.

• Ganpathraj Nagar - 1st Street: Rs 3,300 per sq.ft (2024)
• Ganpath Raj Nagar - Gandhi Road: Rs 4,400 per sq.ft (2024)
• Ganpathraj Nagar - Main Road: Rs 3,850 per sq.ft (2024)
• Gangaiamman Koil Street: Rs 4,400 per sq.ft (2024)
• Gandhi Street: Rs 2,750 per sq.ft (2024)
• GANDHI NAGAR - VOC Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Ganpathraj Nagar - 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. Together, the total cost for these fees would be Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ganpathraj Nagar - 2nd Street?

The Ganpathraj Nagar - 2nd Street is covered by 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 Virugambakkam

The guideline value is a crucial factor when buying or selling property in Virugambakkam. It serves as a benchmark for determining the minimum value at which property transactions can be registered. This value is used to calculate the stamp duty and registration fees applicable to the property transaction.

When a property is sold, the guideline value ensures that the sale price is not undervalued for the purpose of taxation. Buyers and sellers must be aware of the guideline value to ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value for Ganpathraj Nagar - 2nd Street?

The current guideline value for Ganpathraj Nagar - 2nd Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 400 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 725% over the years.

What is the stamp duty for property in Ganpathraj Nagar - 2nd Street?

The stamp duty for property in Ganpathraj Nagar - 2nd Street is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Ganpathraj Nagar - 2nd Street located?

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

What are the guideline values for other streets in Virugambakkam?

Other streets in Virugambakkam have varying guideline values, with rates ranging from Rs 2,750 to Rs 13,200 per sq.ft, while the median value is Rs 4,400 per sq.ft.