Guideline Value for Maduvankarai Ganesh Nagar

Maduvankarai Ganesh Nagar guideline value

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

How the guideline value of Maduvankarai Ganesh Nagar has changed

In the 2012 revision, the guideline value was set at Rs 4,000 per sq.ft. This figure decreased to Rs 2,680 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2024, the guideline value saw a significant increase of 64%, reaching Rs 4,400 per sq.ft.

Overall, from 2012 to 2024, the guideline value has increased by 10%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2023 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 guideline value is Rs 4,400 per sq.ft, which is equal to the current guideline value of Maduvankarai Ganesh Nagar.

• Maduvankarai (Dutha Street): Rs 4,400 per sq.ft (2024)
• Maduvankarai, Majit Colony 10th Street: Rs 4,400 per sq.ft (2024)
• Maduvankarai Chakkarapani Road / Street Extn.: Rs 4,400 per sq.ft (2024)
• Maduvankarai, Majit Colony 11th Street: Rs 4,400 per sq.ft (2024)
• Maduvankarai: Rs 4,400 per sq.ft (2024)
• Maduvankarai, Majit Colony 12th Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Maduvankarai 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 amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, making the total fees Rs 3,96,000. Please 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 Maduvankarai Ganesh Nagar?

The Maduvankarai 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 is a crucial factor during the registration of property transactions in Velachery. It determines the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value serves as a reference point for both buyers and sellers. It helps in assessing the fair value of the property and is used to calculate the necessary fees during the registration process.

Frequently asked questions

What is the current guideline value of Maduvankarai Ganesh Nagar?

The current guideline value of Maduvankarai 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 changed from Rs 4,000 per sq.ft in 2012 to Rs 2,680 per sq.ft in 2017, and then increased to Rs 4,400 per sq.ft in 2024. This represents a 64% increase from 2017 to 2024.

What is the land classification for Maduvankarai Ganesh Nagar?

Maduvankarai Ganesh Nagar is classified as Residential Class II Type - II, which indicates its designation for residential use.

What is the stamp duty rate for property transactions?

The stamp duty for property transactions in this area is charged at a rate of 7% on the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Maduvankarai Ganesh Nagar?

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