Guideline Value for Reddy Raman Street

Reddy Raman Street guideline value

The current guideline value of Reddy Raman Street is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village under the Sowcarpet SRO, classified as Commercial Class I Type - III.

How the guideline value of Reddy Raman Street has changed

The guideline value for Reddy Raman Street has seen several revisions over the years. The 2007 revision recorded a value of Rs 2,500 per sq.ft, which increased significantly to Rs 6,000 per sq.ft in 2012. However, in 2017, the value dropped to Rs 4,020 per sq.ft before rising to Rs 6,000 per sq.ft in 2023. The latest revision in 2024 has set the guideline value at Rs 6,600 per sq.ft, marking a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 164%. Notably, there are no figures for Reddy Raman Street in the revisions for 2002 and 2003.

Guideline values in Muthiyalpet

Muthiyalpet village has a total of 357 streets under the Sowcarpet SRO, with guideline values ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, making Reddy Raman Street's 2024 value above this median.

• Reliance Rice Mill Road: Rs 4,400 per sq.ft (2024)
• Ravanaiar Street: Rs 4,400 per sq.ft (2024)
• Rattan Bazzar Road: Rs 13,000 per sq.ft (2024)
• Rathina Mudaly Street: Rs 4,400 per sq.ft (2024)
• Rasappa Chetty Street: Rs 6,000 per sq.ft (2024)
• Rangapillai Garden Street: Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in Reddy Raman Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value amounts to Rs 66,00,000. The stamp duty at 7% would be Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, bringing the total charges to Rs 5,94,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more precise calculations based on your property.

Which Sub Registrar Office covers Reddy Raman Street?

The Sub Registrar Office that covers Reddy Raman Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for further assistance.

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

The guideline value plays a crucial role during the registration of properties in Muthiyalpet. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when a property is bought or sold.

When registering a property, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the government receives the correct amount of revenue based on the property's assessed value.

Frequently asked questions

What is the current guideline value of Reddy Raman Street?

The current guideline value of Reddy Raman Street is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2007 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of 164% over the years.

What are the guideline values of other streets in Muthiyalpet?

Other streets in Muthiyalpet have guideline values ranging from Rs 3,800 to Rs 16,500 per sq.ft, with the median being Rs 4,400 per sq.ft.

How is stamp duty calculated for properties on Reddy Raman Street?

Stamp duty for properties on Reddy Raman Street is calculated based on the higher of the guideline value or the sale price, with the current rate being 7% for stamp duty and 2% for registration fees.

Where can I find the Sub Registrar Office for Reddy Raman Street?

The Sub Registrar Office for Reddy Raman Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01.