Guideline Value for Gengu Reddy Street

Gengu Reddy Street guideline value

The current guideline value of Gengu Reddy Street is Rs 8,300 per sq.ft, effective from 1 July 2024. This street is located in Egmore village under the Periamet SRO and is classified as Residential Class I Type - III.

How the guideline value of Gengu Reddy Street has changed

Over the years, the guideline value of Gengu Reddy Street has seen significant changes. The earliest recorded figure is from 2007, where the guideline value was Rs 1,500 per sq.ft. This increased to Rs 7,600 per sq.ft in 2012, marking a substantial rise of 407%. However, by 2017, the value decreased to Rs 5,092 per sq.ft, a drop of 33%. The value then rose to Rs 7,600 per sq.ft in 2023, and further increased to the current rate of Rs 8,300 per sq.ft in 2024, reflecting a 9% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2007 to 2024, there has been a remarkable increase of 453%. It is important to note that there are no recorded figures for Gengu Reddy Street in the years 2002 and 2003.

Guideline values in Egmore

In Egmore, there are 465 streets under the Periamet SRO that carry a 2024 guideline value, ranging from Rs 2,800 to Rs 22,000 per sq.ft. The median guideline value for these streets is Rs 7,100 per sq.ft, positioning Gengu Reddy Street's 2024 figure above this median.

• Gengu Salai: Rs 6,300 per sq.ft (2024)
• Gengu Reddy Road: Rs 13,400 per sq.ft (2024)
• Gengy Reddy lane: Rs 8,300 per sq.ft (2024)
• Gillcrist Avenue: Rs 13,400 per sq.ft (2024)
• Gengu Reddy 2nd Street, Lane: Rs 8,300 per sq.ft (2024)
• Gengu Reddy 1st Street, Lane: Rs 8,300 per sq.ft (2024)

Stamp duty and registration fee for property in Gengu Reddy Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,300 per sq.ft, the total guideline value amounts to Rs 83,00,000. The stamp duty at 7% would be Rs 5,81,000, and the registration fee at 2% would be Rs 1,66,000, bringing the total cost for these fees to Rs 7,47,000. 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 Gengu Reddy Street?

The Sub Registrar Office that covers Gengu Reddy Street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property in Egmore. It helps determine the stamp duty and registration fees applicable during the sale or purchase of a property.

When a property is sold, the guideline value is used to calculate the applicable fees, ensuring that the transaction is in accordance with the state's regulations. Buyers and sellers should be aware of the guideline value to understand the financial implications of their real estate transactions.

Frequently asked questions

What is the current guideline value of Gengu Reddy Street?

The current guideline value of Gengu Reddy Street is Rs 8,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2007 to Rs 8,300 per sq.ft in 2024, reflecting an overall increase of 453%.

What is the median guideline value for streets in Egmore?

The median guideline value for streets in Egmore is Rs 7,100 per sq.ft, with Gengu Reddy Street's 2024 value above this median.

What are the stamp duty and registration fees for properties in Gengu Reddy Street?

The stamp duty is 7% and the registration fee is 2% of the guideline value. For a 1,000 sq.ft plot, the total fees would amount to Rs 7,47,000.

Which office handles property registrations for Gengu Reddy Street?

The Periamet Sub Registrar Office handles property registrations for Gengu Reddy Street, located at 1103, Poonamallee High Road, Chennai-600 003.