Guideline Value for REDDY STREET 2ND STREET

Reddy Street 2nd Street guideline value

The current guideline value of Reddy Street 2nd Street is Rs 3,520 per sq.ft, effective from 1 July 2024. This street is located in Ekkaduthangal village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Reddy Street 2nd Street has changed

The guideline value for Reddy Street 2nd Street has undergone several revisions over the years. In 2002, the value was Rs 350 per sq.ft, which increased to Rs 404 per sq.ft in 2003. Following this, the value saw a significant rise to Rs 1,000 per sq.ft in 2007, and then it jumped to Rs 3,200 per sq.ft in 2012. However, it decreased to Rs 2,144 per sq.ft in 2017. The value then increased to Rs 3,200 per sq.ft in 2023, before reaching the current rate of Rs 3,520 per sq.ft in 2024.

The changes in the guideline value between revisions are noteworthy. From 2002 to 2003, there was an increase of 15%. The value rose by 148% from 2003 to 2007. The jump from 2007 to 2012 was 220%. However, there was a decrease of 33% from 2012 to 2017. The value then increased by 49% from 2017 to 2023, and finally, there was a 10% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 906%.

Guideline values in Ekkaduthangal

In Ekkaduthangal, there are 190 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 3,080 to Rs 8,800 per sq.ft. The median guideline value in this area is Rs 4,620 per sq.ft, which means that Reddy Street 2nd Street's current guideline value is below that median.

• Reddy Street 3rd Street: Rs 3,520 per sq.ft (2024)
• Reddy Street Ist Street: Rs 3,520 per sq.ft (2024)
• Reddy Street: Rs 3,520 per sq.ft (2024)
• Sakthi Avenue: Rs 3,520 per sq.ft (2024)
• Saminathan Road: Rs 3,520 per sq.ft (2024)
• Rajiv Gandhi Street: Rs 4,620 per sq.ft (2024)

Stamp duty and registration fee for property in Reddy Street 2nd Street

For a 1,000 sq.ft plot at the current guideline value, the total guideline value amounts to Rs 35,20,000. The stamp duty, charged at 7%, would be Rs 2,46,400, while the registration fee at 2% would be Rs 70,400. Together, the total cost for these fees would be Rs 3,16,800. It is important to 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 precise calculations based on your specific property details.

Which Sub Registrar Office covers Reddy Street 2nd Street?

The Sub Registrar Office that covers Reddy Street 2nd Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Ekkaduthangal. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official registry.

When buying or selling property, the guideline value impacts the amount of stamp duty and registration fees payable. Buyers should be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher, thus influencing the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Reddy Street 2nd Street?

The current guideline value of Reddy Street 2nd Street is Rs 3,520 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 350 per sq.ft in 2002 to Rs 3,520 per sq.ft in 2024, reflecting an overall increase of 906% over the years.

What is the land classification for Reddy Street 2nd Street?

The land classification for Reddy Street 2nd Street is Residential Class III Type - I.

What are the stamp duty and registration fees for property transactions?

For a 1,000 sq.ft property at the current guideline value, the total stamp duty is Rs 2,46,400 and the registration fee is Rs 70,400, totaling Rs 3,16,800.

Which Sub Registrar Office is responsible for Reddy Street 2nd Street?

The responsible Sub Registrar Office is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.