Guideline Value for REDDY STREET

Reddy Street guideline value

The current guideline value of Reddy Street in Villivakkam village, under the Villivakkam SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class IV Type - II.

How the guideline value of Reddy Street has changed

The guideline value of Reddy Street has seen several revisions over the years. In 2002, the value was Rs 632 per sq.ft, which increased to Rs 1,500 per sq.ft in 2003, marking a significant rise of 137%. The value continued to climb, reaching Rs 2,050 per sq.ft in 2007, an increase of 37%. By 2012, the guideline value was Rs 3,000 per sq.ft, reflecting a 46% rise from the previous revision. However, in 2017, it decreased to Rs 2,010 per sq.ft, a drop of 33%. The value then rose again to Rs 3,000 per sq.ft in 2023, and the most recent revision in 2024 set the value at Rs 3,300 per sq.ft, representing a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value of Reddy Street has increased by 422%. The register has no figures for the years not listed above.

Guideline values in Villivakkam

In Villivakkam, there are 372 streets under the Villivakkam SRO carrying a 2024 guideline value ranging from Rs 1,600 to Rs 13,200 per sq.ft, with a median value of Rs 4,900 per sq.ft. Reddy Street's 2024 guideline value is below this median.

• Sai Murugan Street: Rs 3,300 per sq.ft (2024)
• Ramakrishnapuram: Rs 3,300 per sq.ft (2024)
• Raja Street: Rs 3,300 per sq.ft (2024)
• Sathiya Nagar (Slum Board): Rs 2,700 per sq.ft (2024)
• School Road: Rs 9,900 per sq.ft (2024)
• Radhakrishna Street: Rs 3,300 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 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to 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 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 details.

Which Sub Registrar Office covers Reddy Street?

The Sub Registrar Office that covers Reddy Street is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for further assistance.

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

The guideline value plays a crucial role during property registration in Villivakkam. It is the minimum value set by the government for properties in a specific area, which ensures that the property is registered at a fair price. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are necessary for the legal transfer of ownership.

Buyers and sellers must be aware that the guideline value may differ from the actual sale price. The stamp duty is charged on the higher of the guideline value or the sale price, which means that understanding the guideline value is essential for financial planning during a property transaction.

Frequently asked questions

What is the current guideline value of Reddy Street?

The current guideline value of Reddy Street 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 632 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, showing an overall increase of 422% over the years.

What is the land classification of Reddy Street?

Reddy Street is classified as Residential Class IV Type - II, indicating its designation for residential purposes.

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

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 33,00,000, the total fees would amount to Rs 2,97,000.

Where is the Sub Registrar Office for Reddy Street located?

The Sub Registrar Office covering Reddy Street is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.