Guideline Value for Sri Ganesh Nagar

Sri Ganesh Nagar guideline value

The current guideline value of Sri Ganesh Nagar is Rs 1,960 per sq.ft, effective from 1 July 2024. This area is located in Nanmangalam village and falls under the Pallavaram SRO. The land classification for this street is Residential Class II Type - I.

How the guideline value of Sri Ganesh Nagar has changed

The guideline value for Sri Ganesh Nagar has seen several revisions over the years. In 2002, the value was Rs 55 per sq.ft, which increased to Rs 77 per sq.ft in 2003, marking a 40% rise. Following this, the value surged dramatically to Rs 400 per sq.ft in 2007, reflecting a 419% increase. The next revision in 2012 saw the value remain at Rs 1,800 per sq.ft, which was a significant drop of 350% from the previous figure. In 2017, it increased to Rs 1,206 per sq.ft, showing a 49% rise. The most recent revision in 2023 set the value at Rs 1,800 per sq.ft, before it rose to the current rate of Rs 1,960 per sq.ft in 2024, indicating a 9% increase.

The guideline value register does not have figures for the years between the revisions mentioned above for this street. Overall, from 2002 to 2024, the guideline value has increased by 3,464%.

Guideline values in Nanmangalam

Nanmangalam village has 139 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,960 to Rs 3,850 per sq.ft, with a median value of Rs 2,750 per sq.ft. The guideline value for Sri Ganesh Nagar is below this median.

• Sri Maha Nagar: Rs 2,750 per sq.ft (2024)
• Sri Abinandhan Nagar: Rs 2,750 per sq.ft (2024)
• Srinivasan Street: Rs 2,750 per sq.ft (2024)
• Sri Perumal Nagar: Rs 2,750 per sq.ft (2024)
• Sriram Nagar: Rs 2,750 per sq.ft (2024)
• Sivanandam Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Ganesh Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,960 per sq.ft, the total guideline value amounts to Rs 19,60,000. The stamp duty at 7% would be Rs 1,37,200, and the registration fee at 2% would be Rs 39,200, bringing the total cost for these fees to Rs 1,76,400. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sri Ganesh Nagar?

The Sub Registrar Office that covers Sri Ganesh Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, 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 Nanmangalam

The guideline value is a crucial factor when buying or selling property in Nanmangalam. It serves as the basis for calculating stamp duty and registration fees, which are mandatory at the time of property registration. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

When a property is sold, the guideline value is compared to the sale price. The higher of the two values is used to determine the applicable stamp duty and registration fees. This ensures that the government receives the correct amount of revenue from property transactions.

Frequently asked questions

What is the current guideline value of Sri Ganesh Nagar?

The current guideline value of Sri Ganesh Nagar is Rs 1,960 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 55 per sq.ft in 2002 to Rs 1,960 per sq.ft in 2024, reflecting an overall increase of 3,464% over the years.

What are the stamp duty and registration fees for properties in Sri Ganesh Nagar?

For a property valued at Rs 19,60,000, the stamp duty would be Rs 1,37,200 and the registration fee would be Rs 39,200, totaling Rs 1,76,400.

Which Sub Registrar Office covers Sri Ganesh Nagar?

The Pallavaram Sub Registrar Office covers Sri Ganesh Nagar, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

What is the land classification for Sri Ganesh Nagar?

The land classification for Sri Ganesh Nagar is Residential Class II Type - I, indicating its suitability for residential development.