Guideline Value for Sri Ganapathi Avenue

Sri Ganapathi Avenue guideline value

The current guideline value of Sri Ganapathi Avenue in Melamaiyur village is Rs 1,100 per sq.ft, effective from 1 July 2024. This street falls under the Chengleput Joint I SRO and is classified as Mixed Type - II land.

How the guideline value of Sri Ganapathi Avenue has changed

The guideline value for Sri Ganapathi Avenue has seen several revisions over the years. In 2007, the value was Rs 340 per sq.ft, which increased significantly to Rs 1,000 per sq.ft in 2012, marking a rise of 194%. However, from 2012 to 2017, the value decreased to Rs 670 per sq.ft, reflecting a decline of 33%. The value then rose to Rs 1,000 per sq.ft in 2023, a 49% increase, and currently stands at Rs 1,100 per sq.ft following the 2024 revision, which is a 10% increase.

It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 224%.

Guideline values in Melamaiyur

In Melamaiyur, there are 37 streets under the Chengleput Joint I SRO that carry a 2024 guideline value, ranging from Rs 440 to Rs 3,000 per sq.ft. The median value for these streets is Rs 1,212 per sq.ft, indicating that the guideline value of Sri Ganapathi Avenue is below this median.

• Sri Guru Nagar: Rs 1,212 per sq.ft (2024)
• Srinivasan Avenue: Rs 1,650 per sq.ft (2024)
• Soundar Nagar: Rs 1,100 per sq.ft (2024)
• Sri Ram Nagar: Rs 825 per sq.ft (2024)
• Sathyakanthy Avenue: Rs 1,650 per sq.ft (2024)
• Thirukazhukundram Road: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Ganapathi Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value amounts to Rs 11,00,000. The stamp duty is charged at 7%, which would be Rs 77,000, and the registration fee is 2%, amounting to Rs 22,000. Therefore, the total cost for stamp duty and registration fees would be Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Ganapathi Avenue?

The Sub Registrar Office that covers Sri Ganapathi Avenue is the Chengleput Joint I Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Melamaiyur. It serves as a benchmark for determining the minimum value of a property for registration purposes. Buyers and sellers must consider the guideline value to ensure compliance with legal requirements during property transactions.

When registering a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. 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 Sri Ganapathi Avenue?

The current guideline value of Sri Ganapathi Avenue is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 340 per sq.ft in 2007 to Rs 1,100 per sq.ft in 2024, reflecting an overall increase of 224% over the years.

What are the other streets in Melamaiyur with their guideline values?

Other streets in Melamaiyur include Sri Guru Nagar at Rs 1,212 per sq.ft, Srinivasan Avenue at Rs 1,650 per sq.ft, and Soundar Nagar at Rs 1,100 per sq.ft, among others.

What is the stamp duty rate for properties in Sri Ganapathi Avenue?

The stamp duty rate for properties in Sri Ganapathi Avenue is 7%, which is applied to the higher of the guideline value or the sale price.

Where is the Sub Registrar Office for Sri Ganapathi Avenue located?

The Sub Registrar Office for Sri Ganapathi Avenue is located at 10, Kancheepuram Main Road, Chengalpattu 603 002, under the Chengleput Joint I SRO.