Guideline Value for REDDY STREET

Reddy Street guideline value

The current guideline value of Reddy Street in Salavakkam village is Rs 175 per sq.ft, effective from 1 July 2024. This street falls under the Salavakkam Sub Registrar Office (SRO) and is classified as Residential Class I Type - II.

How the guideline value of Reddy Street has changed

Reddy Street has seen several revisions in its guideline value over the years. The 2007 revision set the value at Rs 75 per sq.ft, which increased significantly to Rs 175 per sq.ft in the 2012 revision, marking a 133% increase. However, the 2017 revision saw a decrease to Rs 117 per sq.ft, a drop of 33%. The value then rose again to Rs 175 per sq.ft in both the 2023 and 2024 revisions, indicating no change from the previous year.

It is important to note that the guideline value register does not have figures for Reddy Street for the years 2002 and 2003. Overall, from the 2007 revision to the current 2024 revision, the guideline value has increased by 133%.

Guideline values in Salavakkam

In Salavakkam, there are 38 streets under the Salavakkam SRO that carry a 2024 guideline value ranging from Rs 100 to Rs 250 per sq.ft. The median guideline value for these streets is Rs 150 per sq.ft, placing Reddy Street's 2024 figure above this median.

• Salavakkam Colony Bazani Kovil Street: Rs 101 per sq.ft (2024)
• Salavakkam Colony Dhedeer Nagar: Rs 102 per sq.ft (2024)
• Salavakkam Colony Mettu Street: Rs 102 per sq.ft (2024)
• Pillaiyar Koil Street: Rs 175 per sq.ft (2024)
• Perumal Koil Street: Rs 175 per sq.ft (2024)
• Sindhu Nagar: Rs 200 per sq.ft (2024)

Stamp duty and registration fee for property in Reddy Street

For a 1,000 sq.ft plot at the current guideline value of Rs 175 per sq.ft, the total guideline value amounts to Rs 1,75,000. The stamp duty at 7% would be Rs 12,250, and the registration fee at 2% would be Rs 3,500, bringing the total cost to Rs 15,750. 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 accurate calculations.

Which Sub Registrar Office covers Reddy Street?

The Sub Registrar Office that covers Reddy Street is the Salavakkam Sub Registrar Office, located at 2/1a, Thottakkara Street, Salavakkam, 603 107, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Salavakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value influences the stamp duty and registration fees that need to be paid.

During the registration process, the authorities will assess the property based on its guideline value. Buyers should be aware that the stamp duty is charged on the higher of the guideline value or the sale price, ensuring that the transaction aligns with the established values in the region.

Frequently asked questions

What is the current guideline value of Reddy Street?

The current guideline value of Reddy Street is Rs 175 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 75 per sq.ft in 2007 to Rs 175 per sq.ft in 2012, then decreased to Rs 117 per sq.ft in 2017, and has remained at Rs 175 per sq.ft in both 2023 and 2024.

Are there any years without a guideline value for Reddy Street?

Yes, the guideline value register does not have figures for Reddy Street for the years 2002 and 2003.

What are the stamp duty and registration fees for property in Reddy Street?

For a property valued at Rs 1,75,000, the stamp duty would be Rs 12,250 and the registration fee would be Rs 3,500, totaling Rs 15,750.

Where is the Sub Registrar Office for Reddy Street located?

The Sub Registrar Office for Reddy Street is located at 2/1a, Thottakkara Street, Salavakkam, 603 107, Chengalpattu registration zone.