Guideline Value for REDDIYAR THOTTAM

Reddiyar Thottam guideline value

The current guideline value of Reddiyar Thottam is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Mylapore village and falls under the Mylapore SRO. The land classification for this street is Residential Class V Type - III.

How the guideline value of Reddiyar Thottam has changed

The guideline value for Reddiyar Thottam has seen several revisions over the years. In 2002, the guideline value was Rs 612 per sq.ft. This figure increased to Rs 680 per sq.ft in 2003, marking an increase of 11%. The value continued to rise significantly, reaching Rs 900 per sq.ft in 2007, which was a 32% increase from the previous year. The 2012 revision saw a drop to Rs 3,000 per sq.ft, a decrease of 233% from 2007. The value then increased to Rs 2,010 per sq.ft in 2017, reflecting a 49% rise. The 2023 revision set the value at Rs 3,000 per sq.ft, and the current revision in 2024 has increased it to Rs 3,300 per sq.ft, which is a 10% increase.

There are no figures available for the years not listed in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 439%.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft, with a median value of Rs 8,800 per sq.ft. Reddiyar Thottam's 2024 guideline value is below this median.

• RA PURAM EAST/WEST 2ND LINK(Ayodhaya Flats): Rs 9,900 per sq.ft (2024)
• Ra Puram 7th Main Road: Rs 17,600 per sq.ft (2024)
• Ra Puram 7th Cross Street: Rs 17,600 per sq.ft (2024)
• Ra Puram 6th Main Road: Rs 17,600 per sq.ft (2024)
• Ra Puram 6th Cross Street: Rs 17,600 per sq.ft (2024)
• Ra Puram 5th Main Road: Rs 17,600 per sq.ft (2024)

Stamp duty and registration fee for property in Reddiyar Thottam

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that 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 further calculations.

Which Sub Registrar Office covers Reddiyar Thottam?

The Sub Registrar Office that covers Reddiyar Thottam is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Mylapore. It serves as a reference point for determining the stamp duty and registration fees applicable to the transaction. Buyers and sellers must consider the guideline value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value is compared to the sale price. The higher of the two values is used as the basis for calculating stamp duty and registration fees, which are mandatory costs associated with property transactions in the region.

Frequently asked questions

What is the current guideline value of Reddiyar Thottam?

The current guideline value of Reddiyar Thottam is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 612 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 439% over this period.

What is the role of the Mylapore SRO?

The Mylapore SRO is responsible for maintaining the guideline value register and overseeing property registrations in the Mylapore area, including Reddiyar Thottam.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price of the property. For example, for a plot valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000.

Where can I find more information about the guideline values in Mylapore?

More information about guideline values in Mylapore can be found in the guideline value register maintained by the Registration Department, which details the values for various streets in the area.