Guideline Value for Perumal Reddy Street

Perumal Reddy Street guideline value

The current guideline value of Perumal Reddy Street is Rs 1,320 per sq.ft, effective from 1 July 2024. This street is located in Naravarikuppam village, under the Redhills SRO, and is classified as Residential Class III Type - I.

How the guideline value of Perumal Reddy Street has changed

The guideline value for Perumal Reddy Street has undergone several revisions over the years. Starting from Rs 307 per sq.ft in 2003, it increased to Rs 400 per sq.ft in 2007, followed by a significant rise to Rs 1,200 per sq.ft in 2012. However, it saw a decrease to Rs 804 per sq.ft in 2017, before climbing to Rs 1,200 per sq.ft again in 2023. The latest revision in 2024 set the value at Rs 1,320 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 330%. It is important to note that there is no figure available for the year 2002 in the register for this street.

Guideline values in Naravarikuppam

Naravarikuppam village has a total of 112 streets under the Redhills SRO, with guideline values ranging from Rs 1,320 to Rs 3,300 per sq.ft. The median guideline value in this area is Rs 1,650 per sq.ft, placing Perumal Reddy Street's 2024 figure below that median.

• Pillayar Kovil Street: Rs 1,650 per sq.ft (2024)
• Periyar Street: Rs 1,650 per sq.ft (2024)
• Ponnuvel Street: Rs 1,320 per sq.ft (2024)
• Poonga Anna Street: Rs 1,870 per sq.ft (2024)
• Poonga Street: Rs 1,870 per sq.ft (2024)
• Prakasam Street: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Perumal Reddy Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, bringing the total charges to Rs 1,18,800. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating your fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Perumal Reddy Street?

The Sub Registrar Office that covers Perumal Reddy Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process of property transactions in Naravarikuppam. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, it is essential to be aware of the current guideline value, as it affects the overall cost of the transaction. Buyers and sellers should ensure that the sale price is at least equal to the guideline value to avoid any issues during registration.

Frequently asked questions

What is the current guideline value of Perumal Reddy Street?

The current guideline value of Perumal Reddy Street is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 307 per sq.ft in 2003 to Rs 1,320 per sq.ft in 2024, reflecting an overall increase of 330% over this period.

What is the registration office for Perumal Reddy Street?

The Redhills Sub Registrar Office covers Perumal Reddy Street, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is stamp duty calculated for properties in Perumal Reddy Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 13,20,000 incurs a stamp duty of Rs 92,400 at 7%.

What are the guideline values for other streets in Naravarikuppam?

Other streets in Naravarikuppam have guideline values ranging from Rs 1,320 to Rs 3,300 per sq.ft, with a median value of Rs 1,650 per sq.ft. Perumal Reddy Street's value is below this median.