Guideline Value for METHA NAGAR

Metha Nagar guideline value

The current guideline value of Metha Nagar is Rs 1,930 per sq.ft, effective from 1 July 2024. This area is located in Karambakkam village and falls under the Chennai South Joint I SRO. The land classification for this street is Residential Class III Type - I.

How the guideline value of Metha Nagar has changed

The guideline value for Metha Nagar has seen several revisions over the years. Starting from Rs 244 per sq.ft in 2002, it increased to Rs 281 per sq.ft in 2003, marking a 15% rise. The value then rose by 25% to reach Rs 350 per sq.ft in 2007. Following that, there was a significant increase of 400%, bringing the value to Rs 1,750 per sq.ft in 2012. However, it then decreased by 33% to Rs 1,172 per sq.ft in 2017. The value saw a substantial increase of 49% in 2023, reaching Rs 1,750 per sq.ft, before rising again by 10% to the current value of Rs 1,930 per sq.ft in 2024.

Overall, from 2002 to 2024, the guideline value has increased by 691%. There are no figures available for the revisions in years not listed in the register for this street.

Guideline values in Karambakkam

In Karambakkam, there are 159 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 5,500 per sq.ft. The median value is Rs 1,930 per sq.ft, which is equal to the current guideline value of Metha Nagar.

• Maragatham Nagar: Rs 1,930 per sq.ft (2024)
• Manthaveli Main Road: Rs 1,930 per sq.ft (2024)
• Manthaveli Cross Street: Rs 1,650 per sq.ft (2024)
• Manthaveli 1st Street: Rs 1,930 per sq.ft (2024)
• Mothi Nagar: Rs 1,930 per sq.ft (2024)
• Mothi Nagar 1st Street: Rs 1,930 per sq.ft (2024)

Stamp duty and registration fee for property in Metha Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,930 per sq.ft, the total guideline value amounts to Rs 19,30,000. The stamp duty at 7% would be Rs 1,35,100, and the registration fee at 2% would be Rs 38,600, making the total Rs 1,73,700. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Metha Nagar?

The Metha Nagar area is covered by the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a critical factor during the registration process of property transactions in Karambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the fair value of the property. Buyers and sellers should consider this value to understand the potential costs involved in the transaction, including applicable duties and fees.

Frequently asked questions

What is the current guideline value of Metha Nagar?

The current guideline value of Metha Nagar is Rs 1,930 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2002, the guideline value has increased from Rs 244 per sq.ft to Rs 1,930 per sq.ft in 2024, reflecting a total increase of 691% over the years.

What are the stamp duty and registration fees for property in Metha Nagar?

For a 1,000 sq.ft plot, the total guideline value is Rs 19,30,000, with stamp duty at Rs 1,35,100 and registration fee at Rs 38,600, totaling Rs 1,73,700.

Which Sub Registrar Office covers Metha Nagar?

The Chennai South Joint I Sub Registrar Office covers Metha Nagar, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What is the median guideline value in Karambakkam?

The median guideline value in Karambakkam is Rs 1,930 per sq.ft, which is the same as the current guideline value for Metha Nagar.