Guideline Value for South Side Ganga Nagar

South Side Ganga Nagar guideline value

The current guideline value of South Side Ganga Nagar is Rs 6,000 per sq.ft, effective from 1 July 2024. This area is located in Kodambakkam village and falls under the Ashok Nagar SRO. The land classification for this street is Residential Class II Type - III.

How the guideline value of South Side Ganga Nagar has changed

Over the years, the guideline value of South Side Ganga Nagar has seen several revisions. The 2007 revision set the guideline value at Rs 2,140 per sq.ft, which increased significantly to Rs 5,500 per sq.ft in the 2012 revision. However, there was a decrease to Rs 3,685 per sq.ft in the 2017 revision. The value then rose to Rs 5,500 per sq.ft in 2023, and the most recent revision in 2024 established the current rate at Rs 6,000 per sq.ft. The register has no figure for this street in 2002 and 2003.

From 2017 to 2023, there was a notable increase of 49%, followed by a further increase of 9% from 2023 to 2024. The overall change from 2007 to 2024 reflects a substantial increase of 180% in the guideline value per sq.ft.

Guideline values in Kodambakkam

Kodambakkam village features a range of guideline values across its 1,031 streets under the Ashok Nagar SRO, with figures in 2024 ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 4,900 per sq.ft, placing South Side Ganga Nagar's 2024 figure above this median.

• South Side 60 Feet Road: Rs 4,900 per sq.ft (2024)
• Sowbakya Colony: Rs 7,700 per sq.ft (2024)
• Sowbhakiya Colony S.No. 394/2: Rs 7,700 per sq.ft (2024)
• Soundara Pandian Salai: Rs 8,800 per sq.ft (2024)
• Somasundar Bharathy Nagar 5th Street: Rs 4,900 per sq.ft (2024)
• Somasundar Bharathy Nagar 4th Street: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in South Side Ganga Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total guideline value amounts to Rs 60,00,000. The stamp duty at 7% would be Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, bringing the total to Rs 5,40,000. 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 information.

Which Sub Registrar Office covers South Side Ganga Nagar?

The Sub Registrar Office that covers South Side Ganga Nagar is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more details.

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

The guideline value is a critical factor in the registration process when buying or selling property in Kodambakkam. It determines the minimum value at which the property can be registered, ensuring that the transaction is recorded accurately in the official records.

When a property is sold, the guideline value serves as a benchmark for calculating the stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher, which can significantly affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of South Side Ganga Nagar?

The current guideline value of South Side Ganga Nagar is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,140 per sq.ft in 2007 to Rs 6,000 per sq.ft in 2024, reflecting an overall increase of 180% over the years.

What is the land classification for South Side Ganga Nagar?

South Side Ganga Nagar is classified as Residential Class II Type - III, indicating its suitability for residential development.

What are the stamp duty rates for property in South Side Ganga Nagar?

The stamp duty for property transactions in South Side Ganga Nagar is charged at 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for South Side Ganga Nagar located?

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