Guideline Value for Red Hills Road / P.R.H. Road

Red Hills Road / P.R.H. Road guideline value

The current guideline value of Red Hills Road / P.R.H. Road is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village, falling under the Madhavaram SRO, and is classified as Commercial Class I Type - I.

How the guideline value of Red Hills Road / P.R.H. Road has changed

The guideline value for Red Hills Road / P.R.H. Road has undergone several revisions over the years. The earliest recorded revision was in 2002, but the register has no figure for this street in that year, nor for the years 2003, 2007, 2017, and 2023. The next revision occurred in 2012, setting the guideline value at Rs 3,000 per sq.ft. This was an increase from the previous revision, marking a change of 10%.

The most recent revision in 2024 set the guideline value at Rs 3,300 per sq.ft, reflecting another increase of 10% from the 2012 figure. This consistent rise in the guideline value indicates the evolving property landscape in the area.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value in this village is Rs 1,600 per sq.ft, placing the 2024 figure for Red Hills Road / P.R.H. Road above this median.

• Red Hills Road (Vinayagapuram): Rs 3,300 per sq.ft (2024)
• Redhills Road, Vinayagapuram (Ward-29): Rs 3,300 per sq.ft (2024)
• Reddy St (Ward-30): Rs 1,600 per sq.ft (2024)
• Reddy Street Extention (Ward 30): Rs 1,600 per sq.ft (2024)
• Reddy Street Cross Street (Ward 30): Rs 1,600 per sq.ft (2024)
• Rekha Nagar: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Red Hills Road / P.R.H. Road

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost for these fees to Rs 2,97,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Red Hills Road / P.R.H. Road?

The Sub Registrar Office that covers Red Hills Road / P.R.H. Road is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for further assistance.

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

The guideline value plays a crucial role in the registration process of property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. These fees are essential for the legal transfer of property ownership and are based on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value of Red Hills Road / P.R.H. Road?

The current guideline value of Red Hills Road / P.R.H. Road 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 3,000 per sq.ft in 2012 to Rs 3,300 per sq.ft in 2024, marking a 10% increase. There are no figures available for the years 2003, 2007, 2017, and 2023.

What is the land classification for Red Hills Road / P.R.H. Road?

Red Hills Road / P.R.H. Road is classified as Commercial Class I Type - I, indicating its commercial significance within the area.

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

Stamp duty is charged at 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher. For example, a 1,000 sq.ft plot would incur a total fee of Rs 2,97,000 based on the current guideline value.

Where is the Sub Registrar Office located for this area?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060, and it handles registrations for properties in this area.