Guideline Value for M.K. Reddy Street

M.K. Reddy Street guideline value

The current guideline value of M.K. Reddy Street is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Tambaram village, under the Tambaram Joint 1 SRO, and is classified as Commercial Class I Type - II.

How the guideline value of M.K. Reddy Street has changed

The guideline value for M.K. Reddy Street has undergone several revisions over the years. In the 2002 revision, the guideline value was Rs 391 per sq.ft. This increased significantly to Rs 1,000 per sq.ft in the 2003 revision, marking a change of +156%. The 2007 revision saw another substantial increase to Rs 2,500 per sq.ft, which was a rise of +150% from the previous revision. However, in the 2012 revision, the guideline value dropped to Rs 6,000 per sq.ft, reflecting a decrease of -33%.

From 2012 to 2017, the value increased to Rs 4,020 per sq.ft, which was a +49% change. The 2023 revision set the value at Rs 6,000 per sq.ft, and the most recent 2024 revision has increased it to Rs 6,600 per sq.ft, which is a +10% change from the previous year. There are no figures in the register for revisions in years other than those mentioned.

Guideline values in Tambaram

In Tambaram village, there are 360 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value, ranging from Rs 880 to Rs 8,250 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, placing M.K. Reddy Street's 2024 figure above that median.

• Moogambigai Nagar 1st St: Rs 2,200 per sq.ft (2024)
• Moogambigai Nagar 2nd St: Rs 2,200 per sq.ft (2024)
• Moogambigai Nagar 3rd St: Rs 2,200 per sq.ft (2024)
• Moogambigai Nagar 4th St: Rs 2,200 per sq.ft (2024)
• Moogambigai Nagar Ext: Rs 2,200 per sq.ft (2024)
• M.G.R.Nagar: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in M.K. Reddy Street

For a 1,000 sq.ft plot at the current rate of Rs 6,600 per sq.ft, the guideline value would be Rs 66,00,000. The stamp duty at 7% would amount to Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, totaling Rs 5,94,000. It is important to note that 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 details.

Which Sub Registrar Office covers M.K. Reddy Street?

The Sub Registrar Office that covers M.K. Reddy Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, 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 Tambaram

The guideline value is an essential factor when registering property transactions in Tambaram. It serves as a benchmark for determining the minimum value at which a property can be sold and is used to calculate the applicable stamp duty and registration fees.

When a buyer or seller engages in a property transaction, the guideline value ensures that the registration process is transparent and standardized. This helps in maintaining a fair process for both parties involved in the transaction.

Frequently asked questions

What is the current guideline value of M.K. Reddy Street?

The current guideline value of M.K. Reddy Street is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 391 per sq.ft in 2002 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of +1588% over the years.

What is the land classification of M.K. Reddy Street?

M.K. Reddy Street is classified as Commercial Class I Type - II according to the guidelines set by the relevant authorities.

Where can I find the Sub Registrar Office for M.K. Reddy Street?

The Sub Registrar Office for M.K. Reddy Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.

How is stamp duty calculated for properties in M.K. Reddy Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 66,00,000, the stamp duty would be calculated at 7% of that amount.