Guideline Value for MALAI METTU STREET (WARD -1)

Malai Mettu Street (Ward -1) guideline value

The current guideline value of Malai Mettu Street (Ward -1) is Rs 770 per sq.ft, effective from 1 July 2024. This street is located in Vallancheri village under the Chengleput Joint II SRO, classified as Residential Class I Type - III.

How the guideline value of Malai Mettu Street (Ward -1) has changed

The guideline value for Malai Mettu Street (Ward -1) has undergone several revisions over the years. The 2012 revision set the value at Rs 700 per sq.ft, which was then reduced to Rs 469 per sq.ft in the 2017 revision. However, the value increased significantly to Rs 700 per sq.ft in the 2023 revision and has further risen to Rs 770 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The revisions for the years 2002, 2003, and 2007 do not have figures listed for this street in the register.

Guideline values in Vallancheri

In Vallancheri, there are 134 streets under the Chengleput Joint II SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 2,200 per sq.ft, with a median value of Rs 825 per sq.ft. The guideline value for Malai Mettu Street (Ward -1) is below this median.

• Malaiadivaaram (Ward -1): Rs 770 per sq.ft (2024)
• Malaipuram Extention (Ward -1): Rs 770 per sq.ft (2024)
• Malar Avenue (Ward -1): Rs 880 per sq.ft (2024)
• Maragatham Nagar Vallancheri (Ward -1): Rs 770 per sq.ft (2024)
• Lancor Uds: Rs 1,980 per sq.ft (2024)
• Kumaran 2st Street (Ward-20): Rs 880 per sq.ft (2024)

Stamp duty and registration fee for property in Malai Mettu Street (Ward -1)

For a 1,000 sq.ft plot at the current guideline value of Rs 770 per sq.ft, the total guideline value would be Rs 7,70,000. The stamp duty at 7% would amount to Rs 53,900, and the registration fee at 2% would be Rs 15,400, for a total of Rs 69,300. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Malai Mettu Street (Ward -1)?

The Sub Registrar Office that covers Malai Mettu Street (Ward -1) is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Vallancheri. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that both parties are aware of the official value assigned to the property.

When a property is sold, the guideline value is used to calculate the applicable duties, which are charged based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Malai Mettu Street (Ward -1)?

The current guideline value of Malai Mettu Street (Ward -1) is Rs 770 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, from Rs 700 per sq.ft in 2012 to Rs 469 per sq.ft in 2017, then rising to Rs 700 per sq.ft in 2023, and finally reaching Rs 770 per sq.ft in 2024.

What is the land classification of Malai Mettu Street (Ward -1)?

Malai Mettu Street (Ward -1) is classified as Residential Class I Type - III, indicating its suitability for residential development.

What are the stamp duty and registration fees for property transactions in Vallancheri?

Stamp duty is charged at 7%, while the registration fee is charged at 2% of the guideline value or sale price, whichever is higher. For example, for a property valued at Rs 7,70,000, the total fees would amount to Rs 69,300.

Where can I find the Sub Registrar Office for Malai Mettu Street (Ward -1)?

The Chengleput Joint II Sub Registrar Office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002. You can find more information about your SRO online.