Guideline Value for Reddipalayam Street

Reddipalayam Street guideline value

The current guideline value of Reddipalayam Street in Mugappair village is Rs 3,800 per sq.ft, effective from 1 July 2024. This street falls under the Konnur SRO and is classified as Residential Class II Type - I.

How the guideline value of Reddipalayam Street has changed

The guideline value for Reddipalayam Street has undergone several revisions over the years. The earliest recorded figure is from 2002, which was Rs 436 per sq.ft. This value increased to Rs 479 per sq.ft in 2003, marking a 10% rise. In 2007, the guideline value saw a significant jump to Rs 1,200 per sq.ft, reflecting an increase of 151%. The value then rose to Rs 3,500 per sq.ft in 2012, which was a 192% increase from the previous figure. However, between 2012 and 2017, the guideline value decreased to Rs 2,345 per sq.ft, representing a decline of 33%. From 2017 to 2023, the value increased to Rs 3,500 per sq.ft, a rise of 49%. The latest revision in 2024 set the guideline value at Rs 3,800 per sq.ft, which is a 9% increase from the previous year.

Overall, from 2002 to 2024, the guideline value for Reddipalayam Street has increased by 772%. There are no figures available for the revisions in years not listed in the register.

Guideline values in Mugappair

Mugappair village has a total of 224 streets under the Konnur SRO, with guideline values for 2024 ranging from Rs 3,300 to Rs 8,800 per sq.ft. The median guideline value in this area is Rs 7,100 per sq.ft, placing Reddipalayam Street's current value below that median.

• Sathiya Nagar First and Second Street: Rs 5,500 per sq.ft (2024)
• Sathiya Nagar Second Main Road: Rs 5,500 per sq.ft (2024)
• Sathya Nagar I Main Road and Other Streets: Rs 5,500 per sq.ft (2024)
• Satthallvar Street: Rs 5,500 per sq.ft (2024)
• School 1st and 2nd Street (Near JJ Nagar west Block 7): Rs 7,100 per sq.ft (2024)
• Sedhakkathi Salai: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Reddipalayam Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,800 per sq.ft, the total guideline value would be Rs 38,00,000. The stamp duty at 7% would amount to Rs 2,66,000, and the registration fee at 2% would be Rs 76,000, bringing the total fees to Rs 3,42,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Reddipalayam Street?

The Sub Registrar Office that covers Reddipalayam Street is the Konnur Sub Registrar Office, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. For further information, you can find your SRO.

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

The guideline value is a crucial factor when buying or selling property in Mugappair. It serves as a benchmark for determining the minimum value at which the property can be registered. This value is used to calculate the stamp duty and registration fees that need to be paid at the time of registration.

When a property is sold, the sale price cannot be lower than the guideline value. This ensures that the government receives the appropriate taxes based on the current market value of the property as determined by the guideline value.

Frequently asked questions

What is the current guideline value of Reddipalayam Street?

The current guideline value of Reddipalayam Street is Rs 3,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 436 per sq.ft in 2002 to Rs 3,800 per sq.ft in 2024, reflecting an overall increase of 772% over the years.

What is the median guideline value in Mugappair?

The median guideline value in Mugappair is Rs 7,100 per sq.ft, with Reddipalayam Street's current value being below this median.

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

For a property valued at Rs 38,00,000, the stamp duty would be Rs 2,66,000 and the registration fee would be Rs 76,000, totaling Rs 3,42,000.

Which office handles the registration for Reddipalayam Street?

The Konnur Sub Registrar Office handles the registration for Reddipalayam Street, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.