Guideline Value for Reddy Street(Kambar Street)

Reddy Street(Kambar Street) guideline value

The current guideline value of Reddy Street (Kambar Street) is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Alandur village, under the Alandur SRO, and is classified as Residential Class I Type - I.

How the guideline value of Reddy Street(Kambar Street) has changed

The guideline value for Reddy Street (Kambar Street) has seen significant changes over the years. In 2002, the value was Rs 780 per sq.ft, which increased to Rs 847 per sq.ft in 2003, marking a 9% rise. The value then rose to Rs 1,800 per sq.ft in 2007, reflecting a substantial increase of 113%. Following this, in 2012, the value was Rs 5,000 per sq.ft, representing a notable increase of 178% from the previous revision. However, there was a decrease of 33% to Rs 3,350 per sq.ft in 2017. The value then increased again to Rs 5,000 per sq.ft in 2023, and finally, it reached Rs 5,500 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 605%. The register has no figures for the years not mentioned in the revisions.

Guideline values in Alandur

In Alandur, there are 40 streets under the Alandur SRO that carry a 2024 guideline value ranging from Rs 3,900 to Rs 11,000 per sq.ft. The median value is Rs 5,000 per sq.ft, and Reddy Street (Kambar Street) is above this median.

• Sanniyasi Nara Lane: Rs 3,900 per sq.ft (2024)
• Sanniyasi Subedar Street: Rs 5,000 per sq.ft (2024)
• Sowri Street: Rs 5,000 per sq.ft (2024)
• New Street: Rs 5,500 per sq.ft (2024)
• Subba Colony (Subba Reddy Colony): Rs 5,000 per sq.ft (2024)
• Nathatchupethar Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Reddy Street(Kambar Street)

For a 1,000 sq.ft plot at the current rate of Rs 5,500 per sq.ft, the 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, totaling Rs 4,95,000. 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(Kambar Street)?

The Sub Registrar Office that covers Reddy Street (Kambar Street) is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value is an essential factor during the registration process of property transactions in Alandur. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When a property is registered, 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 appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Reddy Street(Kambar Street)?

The current guideline value of Reddy Street (Kambar Street) 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 from Rs 780 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, showing an overall increase of 605% over this period.

What is the land classification for Reddy Street(Kambar Street)?

Reddy Street (Kambar Street) is classified as Residential Class I Type - I according to the guidelines.

Where can I find the registration office for Reddy Street(Kambar Street)?

The registration office for Reddy Street (Kambar Street) is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is stamp duty calculated for properties in Alandur?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 55,00,000 would incur a stamp duty of Rs 3,85,000 at a rate of 7%.