Guideline Value for Reddiyar Palayam 2nd street

Reddiyar Palayam 2nd street guideline value

The current guideline value for Reddiyar Palayam 2nd street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Tambaram village and falls under the Tambaram Joint 1 SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Reddiyar Palayam 2nd street has changed

The guideline value for Reddiyar Palayam 2nd street has undergone several revisions over the years. The earliest recorded revision was in 2012, with a guideline value of Rs 3,000 per sq.ft. This figure decreased to Rs 2,010 per sq.ft in 2017, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly by 49%, reaching Rs 3,000 per sq.ft. The most recent revision in 2024 set the value at Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 for Reddiyar Palayam 2nd street in the register. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Tambaram

In Tambaram, there are 360 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 8,250 per sq.ft, with a median value of Rs 3,300 per sq.ft. Reddiyar Palayam 2nd street's 2024 guideline value aligns with this median.

• Reddiyar Palayam 1st street: Rs 4,400 per sq.ft (2024)
• Reddy Street: Rs 3,300 per sq.ft (2024)
• Ranjeetham Nagar yovel Solomon Street: Rs 1,320 per sq.ft (2024)
• Ranganathapuram 7th Street: Rs 3,300 per sq.ft (2024)
• Ranganathapuram 6th Street: Rs 3,300 per sq.ft (2024)
• Ranganathapuram 5th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Reddiyar Palayam 2nd 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. Together, the total cost for these fees would be 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 also use the stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Reddiyar Palayam 2nd street?

The Sub Registrar Office that covers Reddiyar Palayam 2nd street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during property registration in Tambaram. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value helps ensure that the transaction is recorded accurately and fairly in the official records.

Additionally, the guideline value is used to calculate the stamp duty and registration fees that are required during the registration process. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value for Reddiyar Palayam 2nd street?

The current guideline value for Reddiyar Palayam 2nd 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 3,000 per sq.ft in 2023 to Rs 3,300 per sq.ft in 2024, which is a 10% increase. It was Rs 2,010 per sq.ft in 2017, showing a 49% increase from that year to 2023.

What is the land classification for Reddiyar Palayam 2nd street?

The land classification for Reddiyar Palayam 2nd street is Residential Class I Type - I, indicating its suitability for residential development.

Where is the Sub Registrar Office for this area located?

The Sub Registrar Office for Reddiyar Palayam 2nd street is located at No.26, Mes Road, East Tambaram, Chennai-600059, under the Chengalpattu registration zone.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000.