Guideline Value for REDDY MANAI

Reddy Manai guideline value

The current guideline value of Reddy Manai is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Tnagar village, under the Thiyagaraya nagar SRO, and is classified as Residential Class III Type - II.

How the guideline value of Reddy Manai has changed

In the 2012 revision, the guideline value was Rs 5,000 per sq.ft. This figure decreased to Rs 3,350 per sq.ft in the 2017 revision, marking a decline of 33%. Following this, the value increased significantly to Rs 5,000 per sq.ft in the 2023 revision, and then further rose to Rs 5,500 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year. The register has no figures for the years 2002, 2003, and 2007 for this street.

From 2012 to 2024, the overall change in guideline value is an increase of 10%. The increase from Rs 3,350 per sq.ft in 2017 to Rs 5,000 per sq.ft in 2023 represents a substantial rise of 49% over those six years. The changes in the guideline value highlight the fluctuations within the specified periods.

Guideline values in Tnagar

In Tnagar, there are 262 streets under the Thiyagaraya nagar SRO that carry a 2024 guideline value, ranging from Rs 4,400 to Rs 27,500 per sq.ft. The median value for these streets is Rs 11,000 per sq.ft, indicating that the guideline value for Reddy Manai is below this median.

• Ratan Street: Rs 13,200 per sq.ft (2024)
• Rangan Street: Rs 11,000 per sq.ft (2024)
• Rangan Lane: Rs 6,600 per sq.ft (2024)
• Ranganathan Street: Rs 27,500 per sq.ft (2024)
• Sadullah Street: Rs 11,000 per sq.ft (2024)
• Rameshwaram Road: Rs 17,600 per sq.ft (2024)

Stamp duty and registration fee for property in Reddy Manai

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total fees together to Rs 4,95,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Reddy Manai?

The Sub Registrar Office that covers Reddy Manai is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Tnagar. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

When you buy or sell property, the guideline value helps in determining the minimum value at which the property can be registered. This ensures transparency in property transactions and helps prevent undervaluation of properties.

Frequently asked questions

What is the current guideline value of Reddy Manai?

The current guideline value of Reddy Manai is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 5,000 per sq.ft in 2012 to Rs 3,350 per sq.ft in 2017, then to Rs 5,000 per sq.ft in 2023, and finally to Rs 5,500 per sq.ft in 2024.

What is the land classification for Reddy Manai?

Reddy Manai is classified as Residential Class III Type - II, which indicates its zoning for residential use.

Where can I find the Sub Registrar Office for Reddy Manai?

The Sub Registrar Office for Reddy Manai is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35.

How is stamp duty calculated for property in Reddy Manai?

Stamp duty for property in Reddy Manai is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the total stamp duty would be Rs 3,85,000.