Guideline Value for Reddy St (Ward-30)

Reddy St (Ward-30) guideline value

The current guideline value of Reddy St (Ward-30) is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class II Type - I.

How the guideline value of Reddy St (Ward-30) has changed

In the 2012 revision, the guideline value for Reddy St was recorded at Rs 1,500 per sq.ft. This figure remained unchanged in the 2023 revision, which also listed the value at Rs 1,500 per sq.ft. However, in the 2024 revision, the guideline value increased to Rs 1,600 per sq.ft, marking a 7% rise from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 7%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2017 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value for these streets is Rs 1,600 per sq.ft, which is equal to the current guideline value of Reddy St (Ward-30).

• 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)
• Red Hills Road / P.R.H. Road: Rs 3,300 per sq.ft (2024)
• Red Hills Road (Vinayagapuram): Rs 3,300 per sq.ft (2024)
• Redhills Road, Vinayagapuram (Ward-29): Rs 3,300 per sq.ft (2024)
• Rekha Nagar: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Reddy St (Ward-30)

For a 1,000 sq.ft plot at the current rate, the guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, totaling Rs 1,44,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Reddy St (Ward-30)?

The Sub Registrar Office that covers Reddy St (Ward-30) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a crucial factor during property registration in Madhavaram. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value helps determine the minimum price at which a property can be registered. This ensures transparency and prevents undervaluation of properties in the region.

Frequently asked questions

What is the current guideline value of Reddy St (Ward-30)?

The current guideline value of Reddy St (Ward-30) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since the 2012 revision, the guideline value has increased by 7% to reach Rs 1,600 per sq.ft in 2024. The value remained unchanged at Rs 1,500 per sq.ft in 2023.

What is the land classification of Reddy St (Ward-30)?

Reddy St (Ward-30) is classified as Residential Class II Type - I, which indicates its suitability for residential development.

Where can I find the Sub Registrar Office for Reddy St (Ward-30)?

The Sub Registrar Office for Reddy St (Ward-30) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the stamp duty calculated for properties in Madhavaram?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, on a property with a guideline value of Rs 16,00,000, the stamp duty at 7% would be Rs 1,12,000.