Guideline Value for MAARIYAPPA REDDY STREET

Maariyappa Reddy Street guideline value

The current guideline value of Maariyappa Reddy Street is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Vengathur village under the Manavalanagar SRO, classified as Commercial Class I Type - III.

How the guideline value of Maariyappa Reddy Street has changed

The guideline value for Maariyappa Reddy Street has undergone several revisions over the years. In 2007, the value was Rs 150 per sq.ft, which increased significantly to Rs 1,300 per sq.ft in 2012. However, this value decreased to Rs 871 per sq.ft in 2017. The 2023 revision maintained the value at Rs 1,300 per sq.ft, and the same value continues into the 2024 revision, showing no change from the previous year.

From 2017 to 2023, there was a notable increase of 49%. The jump from 2007 to 2012 represented a remarkable increase of 767%. Overall, from 2007 to 2024, the guideline value has increased by 767%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Vengathur

In Vengathur, there are 186 streets under the Manavalanagar SRO that carry a 2024 guideline value ranging from Rs 500 to Rs 2,000 per sq.ft, with a median value of Rs 1,000 per sq.ft. Maariyappa Reddy Street's 2024 guideline value of Rs 1,300 per sq.ft is above this median.

• Lenin Street: Rs 600 per sq.ft (2024)
• Lalbagathur Street: Rs 1,000 per sq.ft (2024)
• Lalbagathur Sasthiri Street (Ondikuppam): Rs 1,300 per sq.ft (2024)
• Manikandan Street: Rs 600 per sq.ft (2024)
• Kutti Mani Street: Rs 600 per sq.ft (2024)
• Kuruvayur Steet: Rs 600 per sq.ft (2024)

Stamp duty and registration fee for property in Maariyappa Reddy Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total to Rs 1,17,000. Please 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 details.

Which Sub Registrar Office covers Maariyappa Reddy Street?

The Sub Registrar Office that covers Maariyappa Reddy Street is the Manavalanagar Sub Registrar Office, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Vengathur. It determines the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official records.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both the buyer and seller are aware of the financial obligations associated with the transaction, based on the established guideline value for the property.

Frequently asked questions

What is the current guideline value of Maariyappa Reddy Street?

The current guideline value of Maariyappa Reddy Street is Rs 1,300 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 150 per sq.ft in 2007 to Rs 1,300 per sq.ft in 2012, then decreased to Rs 871 per sq.ft in 2017. It remained at Rs 1,300 per sq.ft in both the 2023 and 2024 revisions.

What is the classification of land on Maariyappa Reddy Street?

Maariyappa Reddy Street is classified as Commercial Class I Type - III, indicating its use for commercial purposes.

What are the stamp duty rates applicable for properties in Maariyappa Reddy Street?

The stamp duty rate for properties in Maariyappa Reddy Street is 7% of the guideline value or sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.

Where can I find the Sub Registrar Office for Maariyappa Reddy Street?

The Sub Registrar Office for Maariyappa Reddy Street is the Manavalanagar Sub Registrar Office, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai registration zone.