Guideline Value for Reddy Street

Reddy Street guideline value

The current guideline value of Reddy Street in Erandankattalai village, under the Pammal SRO, is Rs 1,100 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class I Type - I land classification.

How the guideline value of Reddy Street has changed

The guideline value for Reddy Street has seen several revisions over the years. The earliest recorded figure is from the 2017 revision, which was Rs 670 per sq.ft. This was followed by a significant increase to Rs 1,000 per sq.ft in the 2023 revision. The latest revision in 2024 has further raised the guideline value to Rs 1,100 per sq.ft, marking a 10% increase from the previous year.

Between the 2017 and 2023 revisions, the guideline value increased by 49%. Overall, from the 2017 revision to the 2024 revision, there has been a total increase of 64%. It is important to note that the register has no figures for Reddy Street for the years 2002, 2003, 2007, 2012.

Guideline values in Erandankattalai

Erandankattalai village has a total of 60 streets under the Pammal SRO that carry a 2024 guideline value, with rates ranging from Rs 770 to Rs 4,270 per sq.ft. The median guideline value for these streets is Rs 1,100 per sq.ft, which is the same as the current value for Reddy Street.

• Royal Enclave: Rs 2,465 per sq.ft (2024)
• Sadhanandhapuram: Rs 1,100 per sq.ft (2024)
• Sai Nagar: Rs 2,300 per sq.ft (2024)
• Samayapuram: Rs 1,100 per sq.ft (2024)
• Samayapuram Extn -I: Rs 1,100 per sq.ft (2024)
• Samayapuram Extn -II: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Reddy Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value would be Rs 11,00,000. The stamp duty at 7% would amount to Rs 77,000, while the registration fee at 2% would be Rs 22,000. Together, these fees would total Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Reddy Street?

The Sub Registrar Office that covers Reddy Street is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Erandankattalai. It is used to determine the stamp duty and registration fees applicable when buying or selling property. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements during registration.

When a property is registered, the guideline value serves as a benchmark for calculating the taxes owed. This ensures that both parties in the transaction are aware of the financial implications associated with the property transfer.

Frequently asked questions

What is the current guideline value of Reddy Street?

The current guideline value of Reddy Street is Rs 1,100 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed from Rs 670 per sq.ft in 2017 to Rs 1,100 per sq.ft in 2024, reflecting a total increase of 64% over this period.

What are the stamp duty and registration fees for property in Reddy Street?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 77,000 and the registration fee would be Rs 22,000, totaling Rs 99,000.

Which office handles property registrations for Reddy Street?

The Pammal Sub Registrar Office is responsible for property registrations in Reddy Street, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

How is the guideline value determined?

The guideline value is determined by the Registration Department's guideline value register, which is revised periodically based on various factors affecting property values in the area.