Guideline Value for Selva Ganapathi Nagar

Selva Ganapathi Nagar guideline value

The current guideline value of Selva Ganapathi Nagar is Rs 550 per sq.ft, effective from 1 July 2024. This area is located in Pothur village and falls under the Redhills SRO. The land classification for this street is Residential Class I Type - I.

How the guideline value of Selva Ganapathi Nagar has changed

The guideline value for Selva Ganapathi Nagar has seen several revisions over the years. In 2002, the guideline value was Rs 190 per sq.ft, which increased significantly to Rs 20 per sq.ft in 2003. Following that, the value surged to Rs 300 per sq.ft in 2007, and then to Rs 500 per sq.ft in 2012. However, it dropped to Rs 335 per sq.ft in 2017 before rising again to Rs 500 per sq.ft in 2023. The most recent revision in 2024 set the guideline value at Rs 550 per sq.ft.

Examining the changes, from 2002 to 2024, there has been an overall increase of 189%. The most notable change occurred between 2003 and 2007, where the value rose by 1,400%. From 2012 to 2017, there was a decrease of 33%, while the increase from 2017 to 2023 was 49%. The latest revision from 2023 to 2024 reflects a 10% increase.

Guideline values in Pothur

In Pothur village, there are 98 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 330 to Rs 2,000 per sq.ft. The guideline value for Selva Ganapathi Nagar is equal to the median value of Rs 550 per sq.ft. Other streets in Pothur include:

• Selvaganapathy Nagar Annex: Rs 550 per sq.ft (2024)
• Sarathi Nagar: Rs 440 per sq.ft (2024)
• Sai Kiruba Nagar: Rs 1,480 per sq.ft (2024)
• Sri Bhavani Nagar: Rs 550 per sq.ft (2024)
• Roja Nagar: Rs 365 per sq.ft (2024)
• Sri Dhanalakshmi Nagar: Rs 550 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 550 per sq.ft, the total guideline value amounts to Rs 5,50,000. The stamp duty at 7% would be Rs 38,500, and the registration fee at 2% would be Rs 11,000, bringing the total fees to Rs 49,500. 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 Selva Ganapathi Nagar?

The Sub Registrar Office that covers Selva Ganapathi Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Pothur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must be aware of this value to ensure compliance with local regulations.

When a property is registered, the guideline value is compared to the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees. This ensures that the government receives the appropriate 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 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 190 per sq.ft in 2002 to Rs 550 per sq.ft in 2024, reflecting an overall increase of 189% over this period.

What are the stamp duty rates applicable in Selva Ganapathi Nagar?

The stamp duty rate applicable in Selva Ganapathi Nagar is 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher.

Which office handles property registration in Selva Ganapathi Nagar?

The Redhills Sub Registrar Office handles property registration for Selva Ganapathi Nagar, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

What is the land classification for Selva Ganapathi Nagar?

Selva Ganapathi Nagar is classified as Residential Class I Type - I, which indicates its designation for residential purposes.