Guideline Value for Reddy Street

Reddy Street guideline value

The current guideline value of Reddy Street in Erukancherry village, under the Madhavaram SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class IV Type - I land classification.

How the guideline value of Reddy Street has changed

The guideline value of Reddy Street has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, which is a 10% increase from the 2023 revision of Rs 2,000 per sq.ft. Prior to that, the 2017 revision recorded a value of Rs 1,340 per sq.ft, marking a significant increase of 49% from that year to 2023. The 2012 revision had a value of Rs 2,000 per sq.ft, which was a decrease of 33% from the 2017 figure.

There are no figures available for the revisions in 2002, 2003, and 2007 for Reddy Street. Overall, from the 2012 revision to the current 2024 revision, the guideline value has increased by 10%.

Guideline values in Erukancherry

In Erukancherry, there are 376 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,900 to Rs 3,800 per sq.ft, with a median value of Rs 2,500 per sq.ft. Reddy Street's 2024 value is below this median.

• R.D. Arasu Street: Rs 2,200 per sq.ft (2024)
• Rettamalai Srinivasan Street: Rs 2,200 per sq.ft (2024)
• Ramakrishna Thiru-vi-ka Link Road: Rs 2,200 per sq.ft (2024)
• Salaima Nagar: Rs 2,200 per sq.ft (2024)
• Sanathy Street: Rs 2,200 per sq.ft (2024)
• Sanjay Gandhi Street: Rs 2,200 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 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000. Together, the total cost for these fees would be Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Reddy Street?

The Sub Registrar Office that covers Reddy Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. For more information, you can find your SRO.

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

The guideline value plays a crucial role when buying or selling property in Erukancherry. It is used to determine the stamp duty and registration fees that must be paid at the time of registration. Buyers should be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher.

When engaging in a property transaction, it is essential to refer to the guideline value to ensure compliance with local regulations and to understand the financial implications of the transaction. This helps in avoiding any surprises 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 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, with various revisions in between, including Rs 2,000 per sq.ft in 2023.

What is the land classification for Reddy Street?

Reddy Street is classified under Residential Class IV Type - I land classification.

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

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which office handles registrations for Reddy Street?

The Madhavaram Sub Registrar Office handles registrations for Reddy Street, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.