Guideline Value for MEETTU STREET

Meettu Street guideline value

The current guideline value of Meettu Street in Okkiyamthuraipakkam village is Rs 1,100 per sq.ft, effective from 1 July 2024. This street falls under the Neelankarai SRO and is classified as Residential Class IV Type - II.

How the guideline value of Meettu Street has changed

The guideline value for Meettu Street has undergone several revisions over the years. The 2012 revision set the value at Rs 1,000 per sq.ft, which was then reduced to Rs 670 per sq.ft in the 2017 revision. Following this, the value increased to Rs 1,000 per sq.ft in 2023, and finally, it is set to rise to Rs 1,100 per sq.ft in 2024. It is important to note that the register has no figures for the years 2002, 2003, and 2007.

From 2017 to 2023, the value increased by 49%, while the change from 2012 to 2017 reflected a decrease of 33%. Overall, from 2012 to 2024, there has been a 10% increase in the guideline value.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, indicating that Meettu Street's 2024 figure is below this median.

• M.C.N.Nagar Extn. 9th Cross Street: Rs 3,300 per sq.ft (2024)
• M.C.N.Nagar Extn. 8th Cross Street: Rs 3,300 per sq.ft (2024)
• M.C.N.Nagar Extn. 7th Cross Street: Rs 3,300 per sq.ft (2024)
• M.C.N.Nagar Extn. 6th Cross Street: Rs 3,300 per sq.ft (2024)
• M.C.N.Nagar Extn. 5th Cross Street: Rs 3,300 per sq.ft (2024)
• M.C.N.Nagar Extn. 4th Cross Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Meettu Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value amounts to Rs 11,00,000. The stamp duty, charged at 7%, would be Rs 77,000, while the registration fee at 2% would be Rs 22,000, bringing the total fees to Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Meettu Street?

The Sub Registrar Office that covers Meettu Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a critical component in the registration process of property transactions in Okkiyamthuraipakkam. It serves as the benchmark for calculating stamp duty and registration fees, ensuring that these charges are based on a standardized valuation set by the government.

When buying or selling property, the guideline value helps both parties understand the minimum value for which the property can be registered. This ensures transparency and compliance with legal requirements in property transactions.

Frequently asked questions

What is the current guideline value of Meettu Street?

The current guideline value of Meettu Street is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2012 to Rs 670 per sq.ft in 2017, then to Rs 1,000 per sq.ft in 2023, and finally to Rs 1,100 per sq.ft in 2024.

What is the land classification of Meettu Street?

Meettu Street is classified as Residential Class IV Type - II under the Neelankarai SRO.

What are the stamp duty and registration fees for properties on Meettu Street?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 99,000.

Which office handles registrations for Meettu Street?

The Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone, handles registrations for Meettu Street.