Guideline Value for REDDY STREET

Reddy Street guideline value

The current guideline value of Reddy Street in Nerkundram village, under the Virugambakkam SRO, is Rs 2,750 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class III Type - I land classification.

How the guideline value of Reddy Street has changed

The guideline value for Reddy Street has undergone several revisions over the years. In 2002, the guideline value was Rs 259 per sq.ft, which increased to Rs 286 per sq.ft in 2003. Following this, the value saw a significant rise to Rs 500 per sq.ft in 2007, and then it jumped to Rs 2,500 per sq.ft in 2012. However, there was a decrease to Rs 1,675 per sq.ft in 2017. The value then increased to Rs 2,500 per sq.ft in 2023, and currently stands at Rs 2,750 per sq.ft as of the 2024 revision.

In terms of percentage changes, the guideline value rose by 10% from 2023 to 2024, increased by 49% from 2017 to 2023, decreased by 33% from 2012 to 2017, and saw a remarkable increase of 400% from 2007 to 2012. Additionally, the value rose by 75% from 2003 to 2007, and by 10% from 2002 to 2003. Overall, from 2002 to 2024, the guideline value has increased by 962%.

Guideline values in Nerkundram

Nerkundram village has a total of 476 streets under the Virugambakkam SRO, with guideline values ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, making Reddy Street's current value of Rs 2,750 per sq.ft above the median.

• SAKTHI NAGAR 10th Street: Rs 2,500 per sq.ft (2024)
• SAKTHI NAGAR 11th Street: Rs 2,500 per sq.ft (2024)
• SAKTHI NAGAR 12th Street: Rs 2,500 per sq.ft (2024)
• SAKTHI NAGAR 13th Street: Rs 2,500 per sq.ft (2024)
• SAKTHI NAGAR 14th Street: Rs 2,500 per sq.ft (2024)
• SAKTHI NAGAR 15th Street: Rs 2,500 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 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, resulting in a total of Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more detailed calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Reddy Street?

The Sub Registrar Office that covers Reddy Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor during property transactions in Nerkundram. It serves as a benchmark for determining the minimum value at which properties can be registered. Buyers and sellers must be aware of this value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both parties are aware of the financial obligations associated with the transaction, based on the established guideline value.

Frequently asked questions

What is the current guideline value of Reddy Street?

The current guideline value of Reddy Street is Rs 2,750 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 259 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 962% over the years.

What is the land classification for Reddy Street?

Reddy Street is classified under Residential Class III Type - I, indicating its designated use for residential purposes.

What are the stamp duty rates for property transactions in Reddy Street?

The stamp duty for property transactions in Reddy Street is charged at 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office located for Reddy Street?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037, covering Reddy Street and its surrounding areas.