Guideline Value for Reddy Street

Reddy Street guideline value

The current guideline value of Reddy Street in Virugambakkam village, under the Virugambakkam SRO, is Rs 7,700 per sq.ft, effective from 1 July 2024. The land classification for this street is Mixed Special Type - I.

How the guideline value of Reddy Street has changed

The guideline value of Reddy Street has seen significant changes over the years. In 2002, the guideline value was Rs 350 per sq.ft, which increased to Rs 388 per sq.ft in 2003. Following this, there was a substantial rise to Rs 2,100 per sq.ft in 2007, marking an increase of 441%. The value then rose to Rs 7,000 per sq.ft in 2012, a 233% increase from the previous revision. However, it decreased to Rs 4,690 per sq.ft in 2017, reflecting a decline of 33%. The value then increased to Rs 7,000 per sq.ft in 2023, followed by the current value of Rs 7,700 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, Reddy Street's guideline value has increased by 2100%. There are no figures available for revisions in the years not mentioned in the register for this street.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, placing Reddy Street's 2024 figure above that median.

• Rathna Nagar Main Road: Rs 3,850 per sq.ft (2024)
• Rathna Nagar: Rs 3,850 per sq.ft (2024)
• R.K.Sanmugam Road: Rs 8,800 per sq.ft (2024)
• Rukmanai Ammal Street: Rs 3,300 per sq.ft (2024)
• Saibaba Colony 1st Cross Street: Rs 6,600 per sq.ft (2024)
• Saibaba Colony 1st Street: Rs 6,600 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 7,700 per sq.ft, the total guideline value amounts to Rs 77,00,000. The stamp duty at 7% would be Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, bringing the total to Rs 6,93,000. It is important to 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?

The Sub Registrar Office that covers Reddy Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for additional information.

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

The guideline value is a crucial factor in property transactions in Virugambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with the transaction. This ensures that the government receives appropriate revenue from property sales, reflecting the value of real estate in the area.

Frequently asked questions

What is the current guideline value of Reddy Street?

The current guideline value of Reddy Street is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 350 per sq.ft in 2002 to Rs 7,700 per sq.ft in 2024, reflecting an overall increase of 2100% over the years.

What is the land classification of Reddy Street?

The land classification for Reddy Street is Mixed Special Type - I.

What are the stamp duty rates for properties in Reddy Street?

The stamp duty rate for properties in Reddy Street is 7% of the guideline value or sale price, whichever is higher.

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

The Sub Registrar Office for Reddy Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.