Guideline Value for Srinivasan Street (Reddy Street)

Srinivasan Street (Reddy Street) guideline value

The current guideline value of Srinivasan Street (Reddy Street) is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Tambaram village and falls under the Tambaram Joint 1 SRO. The land classification for this area is Residential Class I Type - I.

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

The guideline value for Srinivasan Street (Reddy Street) has seen several revisions over the years. The 2012 revision set the value at Rs 3,000 per sq.ft, which was then reduced to Rs 2,010 per sq.ft in the 2017 revision. The 2023 revision increased it back to Rs 3,000 per sq.ft, and the latest 2024 revision has further increased it to Rs 3,300 per sq.ft, marking a 10% rise from the previous year.

Between the revisions, the changes include a significant increase of 49% from 2017 to 2023, while the period from 2012 to 2017 saw a decrease of 33%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Tambaram

In Tambaram village, 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 guideline value is Rs 3,300 per sq.ft, which is equal to the current figure for Srinivasan Street (Reddy Street).

• Sri Maruthi Avenue: Rs 1,320 per sq.ft (2024)
• Sriram Nagar 1st Main Road: Rs 3,300 per sq.ft (2024)
• Sriram Nagar 2nd Main Road: Rs 3,300 per sq.ft (2024)
• Sriram Nagar South: Rs 3,300 per sq.ft (2024)
• Sri Sai Nagar: Rs 3,300 per sq.ft (2024)
• Sri Sai Nagar Ext: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Srinivasan Street (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 amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, leading to a total of 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 Srinivasan Street (Reddy Street)?

The Sub Registrar Office that covers Srinivasan Street (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 plays a crucial role in the registration process of properties in Tambaram. When a property is bought or sold, the guideline value is used to determine the stamp duty and registration fees that need to be paid. This ensures that the government receives the appropriate revenue from property transactions.

It is essential for buyers and sellers to be aware of the current guideline value as it can significantly impact the overall cost of the transaction. Understanding the guideline value helps in making informed decisions during the buying or selling process.

Frequently asked questions

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

The current guideline value of Srinivasan Street (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 3,000 per sq.ft in 2023 to Rs 3,300 per sq.ft in 2024, marking a 10% increase. It was Rs 2,010 per sq.ft in 2017 and Rs 3,000 per sq.ft in 2012.

What is the median guideline value in Tambaram?

The median guideline value in Tambaram is Rs 3,300 per sq.ft, which is the same as the current value for Srinivasan Street (Reddy Street).

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which office handles property registrations for Srinivasan Street (Reddy Street)?

The Tambaram Joint 1 Sub Registrar Office handles property registrations for Srinivasan Street (Reddy Street), located at No.26, Mes Road, East Tambaram, Chennai-600059.