Guideline Value for Reddy Street Extention (Ward 30)

Reddy Street Extention (Ward 30) guideline value

The current guideline value of Reddy Street Extention (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 Street Extention (Ward 30) has changed

The guideline value for Reddy Street Extention has seen several revisions over the years. In the 2012 revision, the value was set at Rs 1,500 per sq.ft, which then decreased to Rs 1,005 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 1,500 per sq.ft in the 2023 revision, and then to Rs 1,600 per sq.ft in the 2024 revision, marking a 7% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. However, the value decreased by 33% from the 2012 revision to the 2017 revision. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 7%. The register does not contain figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Madhavaram

Madhavaram village has a total of 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, which is equal to the current value of Reddy Street Extention.

• Reddy Street Cross Street (Ward 30): Rs 1,600 per sq.ft (2024)
• Reddy St (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)
• RC Queens Park,182E,MRH Road (Ward-18): Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Reddy Street Extention (Ward 30)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, resulting in a total of Rs 1,44,000. Please note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Reddy Street Extention (Ward 30)?

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

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

The guideline value is an essential factor in property transactions in Madhavaram. It determines the minimum value at which a property can be registered, ensuring that all transactions are conducted transparently and fairly.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these costs are based on the higher of the guideline value or the sale price, which is crucial for budgeting the overall transaction costs.

Frequently asked questions

What is the current guideline value of Reddy Street Extention (Ward 30)?

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,600 per sq.ft in 2024.

What is the land classification for Reddy Street Extention?

Reddy Street Extention is classified as Residential Class II Type - I, which indicates its suitability for residential purposes.

What is the registration office for Reddy Street Extention?

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

How is stamp duty calculated for properties in Reddy Street Extention?

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