Guideline Value for SELVA GANAPATHI NAGAR

Selva Ganapathi Nagar guideline value

The current guideline value of Selva Ganapathi Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is located in Korattur village and falls under the Villivakkam SRO. The land classification for this street is Residential Class III Type - III.

How the guideline value of Selva Ganapathi Nagar has changed

Over the years, the guideline value of Selva Ganapathi Nagar has seen significant changes. The 2007 revision recorded a guideline value of Rs 250 per sq.ft, which increased substantially to Rs 1,500 per sq.ft in both the 2012 and 2023 revisions. However, the register has no figure for this street for the years 2002, 2003, and 2017.

In the latest revision for 2024, the guideline value increased to Rs 1,600 per sq.ft, marking a 7% rise from the 2023 figure of Rs 1,500 per sq.ft. Overall, from 2007 to 2024, the guideline value has increased by 540%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 8,200 per sq.ft, with a median value of Rs 2,500 per sq.ft. The guideline value of Selva Ganapathi Nagar is below this median.

• Seetharam Nagar: Rs 3,000 per sq.ft (2024)
• Senai Thalaivar Nagar: Rs 1,600 per sq.ft (2024)
• Senai Thalaivar Nagar Extension: Rs 1,300 per sq.ft (2024)
• Senbaga Nagar: Rs 1,300 per sq.ft (2024)
• Senbaga Nagar (Near Vivekanantha Nagar): Rs 2,700 per sq.ft (2024)
• Senthil Murugan Nagar: Rs 2,100 per sq.ft (2024)

Stamp duty and registration fee for property in Selva Ganapathi Nagar

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

Which Sub Registrar Office covers Selva Ganapathi Nagar?

The Sub Registrar Office that covers Selva Ganapathi Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

When buying or selling property in Korattur, the guideline value plays a crucial role in determining the stamp duty and registration fees. The guideline value is the minimum price set by the government for property transactions, ensuring that the property is not sold below a certain value.

During the registration process, the buyer must pay stamp duty based on the higher of the guideline value or the actual sale price. This ensures that the government receives a fair amount of revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Selva Ganapathi Nagar?

The current guideline value of Selva Ganapathi 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 significantly from Rs 250 per sq.ft in 2007 to Rs 1,600 per sq.ft in 2024, marking an overall increase of 540%.

What is the land classification of Selva Ganapathi Nagar?

Selva Ganapathi Nagar is classified as Residential Class III Type - III.

Where can I find the Sub Registrar Office for Selva Ganapathi Nagar?

The Sub Registrar Office for Selva Ganapathi Nagar is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the actual sale price. For example, for a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000 at a rate of 7%.