Guideline Value for Kalathu Mettu Street (Main Road)

Kalathu Mettu Street (Main Road) guideline value

The current guideline value of Kalathu Mettu Street (Main Road) is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Kottivakkam village, under the Adayar SRO, and is classified as Residential Class III Type - I.

How the guideline value of Kalathu Mettu Street (Main Road) has changed

Over the years, the guideline value of Kalathu Mettu Street (Main Road) has seen several revisions. The most recent revision in 2024 set the value at Rs 3,300 per sq.ft, which is an increase from Rs 3,000 per sq.ft in 2023, marking a change of +10%. Prior to that, in 2017, the value was Rs 2,010 per sq.ft, which means there was a substantial increase of +49% when compared to the 2023 figure. The 2012 revision also recorded a value of Rs 3,000 per sq.ft, indicating a decrease of -33% from the 2017 figure. Overall, from 2012 to 2024, the guideline value increased by +10%.

The register has no figure for the years 2002, 2003, and 2007. However, the 2012 revision provided a value of Rs 3,000 per sq.ft, which was followed by the 2017 revision at Rs 2,010 per sq.ft. This fluctuation highlights the changes in the property market over the years.

Guideline values in Kottivakkam

Kottivakkam village has a total of 284 streets under the Adayar SRO that carry a 2024 guideline value ranging from Rs 1,700 to Rs 8,500 per sq.ft. The median guideline value for these streets is Rs 3,900 per sq.ft, placing Kalathu Mettu Street (Main Road) below this median with its current value of Rs 3,300 per sq.ft.

• Kalathu Mettu 6th Cross Street: Rs 2,200 per sq.ft (2024)
• Kalathu Mettu 5th Cross Street: Rs 2,200 per sq.ft (2024)
• Kalathu Mettu 4th Cross Street: Rs 2,200 per sq.ft (2024)
• Kalathu Mettu 3rd Cross Street: Rs 2,200 per sq.ft (2024)
• Kalathu Mettu 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Kalathu Mettu 1st Cross Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Kalathu Mettu Street (Main Road)

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, bringing the total fees to Rs 2,97,000. 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 Kalathu Mettu Street (Main Road)?

The Sub Registrar Office that covers Kalathu Mettu Street (Main Road) is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kottivakkam. It is used to determine the stamp duty and registration fees that need to be paid at the time of registration. Buyers should be aware that the guideline value is set by the government and reflects the minimum price at which properties in an area can be registered.

When a property is sold, the buyer must pay the stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives appropriate revenue from property transactions, regardless of the actual sale price agreed upon by the buyer and seller.

Frequently asked questions

What is the current guideline value of Kalathu Mettu Street (Main Road)?

The current guideline value of Kalathu Mettu Street (Main Road) 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, a change of +10%. It was Rs 2,010 per sq.ft in 2017 and Rs 3,000 per sq.ft in 2012, showing a +49% increase from 2017 to 2023.

What is the land classification of Kalathu Mettu Street (Main Road)?

Kalathu Mettu Street (Main Road) is classified as Residential Class III Type - I, indicating its suitability for residential development.

Where can I find the Adayar Sub Registrar Office?

The Adayar Sub Registrar Office is located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. This office handles the registration of properties in the Kottivakkam area.

How is the stamp duty calculated for properties in Kottivakkam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, if the guideline value is Rs 33,00,000, the stamp duty would be 7% of that amount, plus a registration fee of 2%.