Guideline Value for REDDY STREET

Reddy Street guideline value

The current guideline value of Reddy Street in Vilingiyambakkam village is Rs 810 per sq.ft, effective from 1 July 2024. This street falls under the Avadi SRO and is classified as Residential Class I Type - III.

How the guideline value of Reddy Street has changed

Since the 2007 revision, the guideline value of Reddy Street has seen significant changes. In 2007, the value was Rs 250 per sq.ft, which increased to Rs 650 per sq.ft in 2012. However, this figure dropped to Rs 435 per sq.ft in 2017, marking a decrease of 33%. The value then rose sharply to Rs 650 per sq.ft in 2023, and subsequently increased by 25% to reach the current value of Rs 810 per sq.ft in 2024.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 224%. It is important to note that there are no figures available for Reddy Street in the 2002 and 2003 revisions.

Guideline values in Vilingiyambakkam

In Vilingiyambakkam, there are 252 streets under the Avadi SRO that carry a 2024 guideline value ranging from Rs 800 to Rs 4,400 per sq.ft, with a median value of Rs 935 per sq.ft. Reddy Street's current guideline value is below this median.

• Reddyar Garden: Rs 935 per sq.ft (2024)
• Roja St: Rs 935 per sq.ft (2024)
• Ramn St: Rs 810 per sq.ft (2024)
• R.R. Nagar: Rs 1,470 per sq.ft (2024)
• Sadiq Basha Street: Rs 935 per sq.ft (2024)
• Ramesh Nagar: Rs 1,105 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 810 per sq.ft, the total guideline value amounts to Rs 8,10,000. The stamp duty at 7% would be Rs 56,700, and the registration fee at 2% would be Rs 16,200, bringing the total fees to Rs 72,900. It is important to note that duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Reddy Street?

The Sub Registrar Office that covers Reddy Street is the Avadi Sub Registrar Office, located at Plot No.145, Vii Street, Modern City, Thandurai Village, Avadi Taluk, Tiruvallur District, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Vilingiyambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Reddy Street?

The current guideline value of Reddy Street is Rs 810 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 250 per sq.ft in 2007 to Rs 810 per sq.ft in 2024, marking an overall increase of 224% over the years.

What are the other streets in Vilingiyambakkam?

Other streets in Vilingiyambakkam include Reddyar Garden, Roja St, Ramn St, R.R. Nagar, Sadiq Basha Street, and Ramesh Nagar, with varying guideline values.

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. For example, a 1,000 sq.ft plot at Rs 810 per sq.ft would incur total fees of Rs 72,900.

Where can I find my Sub Registrar Office?

You can find your Sub Registrar Office by visiting the Avadi Sub Registrar Office located at Plot No.145, Vii Street, Modern City, Thandurai Village, Avadi Taluk, Tiruvallur District, Chennai registration zone.