Guideline Value for Gengy Reddy lane

Gengy Reddy lane guideline value

The current guideline value of Gengy Reddy lane is Rs 8,300 per sq.ft, effective from 1 July 2024. This lane is located in Egmore village under the Periamet Sub Registrar Office (SRO) and falls under the Residential Class I Type - III land classification.

How the guideline value of Gengy Reddy lane has changed

The guideline value for Gengy Reddy lane has seen several revisions over the years. The earliest recorded figure is from 2007, which was Rs 1,500 per sq.ft. This value increased significantly to Rs 7,600 per sq.ft in 2012, marking a 407% rise. However, it then decreased to Rs 5,092 per sq.ft in 2017, reflecting a 33% drop. The value rose again to Rs 7,600 per sq.ft in 2023, and most recently, it has been revised to Rs 8,300 per sq.ft in 2024, showing a 9% increase.

Between the 2017 and 2023 revisions, there was a substantial increase of 49%. Overall, from the 2007 revision to the current 2024 revision, the guideline value has increased by 453%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Egmore

In Egmore village, 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 value is Rs 7,100 per sq.ft, which means Gengy Reddy lane's 2024 figure is above that median.

• Gengu Salai: Rs 6,300 per sq.ft (2024)
• Gengu Reddy Street: Rs 8,300 per sq.ft (2024)
• Gengu Reddy Road: Rs 13,400 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 Gengy Reddy lane

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 fees together to Rs 7,47,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Gengy Reddy lane?

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

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

The guideline value is a crucial factor during the registration of property transactions in Egmore. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the appropriate stamp duty and registration fees are calculated based on this value.

When buying or selling property, the guideline value helps in establishing a fair price for both parties involved in the transaction. It is essential to be aware of the current guideline value to avoid discrepancies during the registration process.

Frequently asked questions

What is the current guideline value for Gengy Reddy lane?

The current guideline value for Gengy Reddy lane 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, showing an overall increase of 453% over the years.

What is the land classification for Gengy Reddy lane?

Gengy Reddy lane is classified as Residential Class I Type - III, which indicates its intended use for residential purposes.

Where can I find the Sub Registrar Office for Gengy Reddy lane?

The Sub Registrar Office for Gengy Reddy lane is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.

How is the stamp duty calculated for properties in Gengy Reddy lane?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 83,00,000, the stamp duty would be Rs 5,81,000 at a rate of 7%.