Guideline Value for Reddy Street

Reddy Street guideline value

The current guideline value of Reddy Street in Tambaram village, under the Tambaram Joint 1 SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class I Type - I.

How the guideline value of Reddy Street has changed

The guideline value for Reddy Street has seen significant changes over the years. The earliest recorded revision was in 2002, with a guideline value of Rs 255 per sq.ft. This value increased to Rs 314 per sq.ft in 2003, marking a 23% rise. By 2007, the value surged to Rs 500 per sq.ft, reflecting a 59% increase. The 2012 revision saw a decrease to Rs 3,000 per sq.ft, which was a decline of 500%. However, the value rebounded to Rs 2,010 per sq.ft in 2017, showing a 33% increase. The 2023 revision set the value at Rs 3,000 per sq.ft, followed by a 10% increase to the current rate of Rs 3,300 per sq.ft in 2024.

Overall, from 2002 to 2024, the guideline value has increased by 1194%. There are no figures available for the years not mentioned in the revisions.

Guideline values in Tambaram

In Tambaram, there are 360 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 8,250 per sq.ft. The median value is Rs 3,300 per sq.ft, which is equal to the current guideline value of Reddy Street.

• Reddiyar Palayam 2nd street: Rs 3,300 per sq.ft (2024)
• ReddiyarPalayam 1st street: Rs 4,400 per sq.ft (2024)
• Ranjeetham Nagar yovel Solomon Street: Rs 1,320 per sq.ft (2024)
• Ranganathapuram 7th Street: Rs 3,300 per sq.ft (2024)
• Ranganathapuram 6th Street: Rs 3,300 per sq.ft (2024)
• Ranganathapuram 5th Street: Rs 3,300 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 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000. Together, the total cost would be Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further calculations, 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 Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, 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 Tambaram

The guideline value is a critical factor in property transactions in Tambaram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when a property is sold or purchased. Buyers and sellers should be aware that the guideline value is used to calculate these fees, ensuring that the transaction is registered correctly.

When a property is sold, the guideline value helps in assessing the legal value of the property for registration purposes. It is essential for both buyers and sellers to understand the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Reddy Street?

The current guideline value of Reddy Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 255 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 1194% over the years.

What is the classification of Reddy Street?

Reddy Street is classified as Residential Class I Type - I under the Tambaram Joint 1 SRO.

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

The Sub Registrar Office for Reddy Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.

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

The stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a 1,000 sq.ft plot at Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000, resulting in a stamp duty of Rs 2,31,000.