Guideline Value for Reddy Colony

Reddy Colony guideline value

The current guideline value of Reddy Colony, located in Ayanavaram village under the AnnaNagar SRO, is Rs 5,500 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - II.

How the guideline value of Reddy Colony has changed

Over the years, the guideline value of Reddy Colony has seen significant changes. The earliest recorded revision in 2002 set the guideline value at Rs 622 per sq.ft. This figure increased to Rs 1,200 per sq.ft in 2007, marking a substantial rise of 93%. The value then surged to Rs 5,000 per sq.ft in 2012, reflecting an impressive increase of 317%. However, it dropped to Rs 3,350 per sq.ft in 2017, a decrease of 33%. The value rose again to Rs 5,000 per sq.ft in 2023, before reaching the current rate of Rs 5,500 per sq.ft in 2024, which is a 10% increase from the previous year.

The register has no figure for the year 2003 for this street. Overall, from 2002 to 2024, the guideline value has increased by 784%.

Guideline values in Ayanavaram

Ayanavaram has a total of 369 streets under the AnnaNagar SRO, with guideline values ranging from Rs 2,700 to Rs 20,000 per sq.ft. The median guideline value in this area is Rs 4,900 per sq.ft, placing Reddy Colony's 2024 figure above this median.

• Rengappa Maistry Street: Rs 4,900 per sq.ft (2024)
• Rangasamy Street, Chennai 82: Rs 4,400 per sq.ft (2024)
• Rangamannar Street: Rs 4,900 per sq.ft (2024)
• Rangaiah Naidu Street: Rs 4,900 per sq.ft (2024)
• R.V.Nagar 2nd Cross Street: Rs 6,500 per sq.ft (2024)
• R.V.Nagar 3rd Cross Street: Rs 6,500 per sq.ft (2024)

Stamp duty and registration fee for property in Reddy Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, leading to a total cost of Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Reddy Colony?

The Sub Registrar Office that covers Reddy Colony is the AnnaNagar 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 more details.

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

The guideline value plays a crucial role in property transactions in Ayanavaram. It is used to determine the stamp duty and registration fees that must be paid when buying or selling property. This ensures that the government receives appropriate revenue based on the assessed value of the property.

When a property is registered, the guideline value is considered to ensure that the transaction is recorded at a value that reflects the current market conditions. Buyers and sellers should be aware of the guideline value to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Reddy Colony?

The current guideline value of Reddy Colony is Rs 5,500 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 622 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 784% over this period.

What is the land classification of Reddy Colony?

Reddy Colony is classified as Residential Class I Type - II, indicating its suitability for residential development.

What are the stamp duty and registration fees in Reddy Colony?

For a property valued at Rs 55,00,000, the stamp duty is Rs 3,85,000 and the registration fee is Rs 1,10,000, totaling Rs 4,95,000.

Which office handles property registrations for Reddy Colony?

The AnnaNagar Sub Registrar Office handles property registrations for Reddy Colony, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.