Guideline Value for METRO GARDEN

Metro Garden guideline value

The current guideline value of Metro Garden in Ottiyampakkam village, under the Selaiyur SRO, is Rs 1,950 per sq.ft as per the 2024 revision, effective from 1 July 2024. This property falls under the Residential Class I Type - I land classification.

How the guideline value of Metro Garden has changed

The guideline value for Metro Garden has seen several revisions over the years. The 2012 revision set the value at Rs 1,800 per sq.ft, which was then reduced to Rs 1,206 per sq.ft in the 2017 revision. Following this, the value rose significantly to Rs 1,800 per sq.ft in the 2023 revision, and finally, it reached Rs 1,950 per sq.ft in the 2024 revision.

In terms of percentage changes, the value increased by 49% from 2017 to 2023, and by 8% from 2023 to 2024. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 8%. The register does not contain figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Ottiyampakkam

In Ottiyampakkam, there are 88 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 4,300 per sq.ft. The median guideline value for these streets is Rs 1,950 per sq.ft, which is equal to the current guideline value of Metro Garden.

• Metro Square: Rs 1,900 per sq.ft (2024)
• Metro Square Extension: Rs 3,250 per sq.ft (2024)
• Mayana Salai: Rs 1,650 per sq.ft (2024)
• M.G.R.Street: Rs 2,200 per sq.ft (2024)
• Mariamman Koil Thrid Cross Street: Rs 1,950 per sq.ft (2024)
• Mariamman Koil Street: Rs 1,950 per sq.ft (2024)

Stamp duty and registration fee for property in Metro Garden

For a 1,000 sq.ft plot at the current guideline value of Rs 1,950 per sq.ft, the total guideline value would be Rs 19,50,000. The stamp duty at 7% would amount to Rs 1,36,500, and the registration fee at 2% would be Rs 39,000, totaling Rs 1,75,500. It is important to note that the 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 details.

Which Sub Registrar Office covers Metro Garden?

The Metro Garden area is covered by the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, 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 Ottiyampakkam

The guideline value is an important factor in the registration process when buying or selling property in Ottiyampakkam. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that both parties are aware of the financial implications involved in the transaction.

When a property is sold, the guideline value is used to determine the minimum value on which stamp duty is calculated. This means that if the sale price is lower than the guideline value, the stamp duty will still be based on the guideline value, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Metro Garden?

The current guideline value of Metro Garden is Rs 1,950 per sq.ft, as per the 2024 revision effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2012 to Rs 1,206 per sq.ft in 2017, then to Rs 1,800 per sq.ft in 2023, and finally to Rs 1,950 per sq.ft in 2024.

What is the land classification of Metro Garden?

Metro Garden falls under the Residential Class I Type - I land classification, indicating its suitability for residential development.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is stamp duty calculated for properties in Metro Garden?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 1,950 per sq.ft, the total guideline value would be Rs 19,50,000, leading to a stamp duty of Rs 1,36,500.