Guideline Value for METRO SQUARE EXTENSION

Metro Square Extension guideline value

The current guideline value of Metro Square Extension in Ottiyampakkam village, under the Selaiyur SRO, is Rs 3,250 per sq.ft, effective from 1 July 2024. This area is classified as Commercial Class I Type - I.

How the guideline value of Metro Square Extension has changed

Over the years, the guideline value for Metro Square Extension has seen several revisions. The 2017 revision recorded a guideline value of Rs 3,000 per sq.ft, which remained unchanged in the 2023 revision. However, the 2024 revision increased the value to Rs 3,250 per sq.ft, marking an 8% increase from the previous year.

From the 2017 revision to the 2024 revision, there has been an overall increase of 8%. Notably, there are no figures available for the years 2002, 2003, 2007, and 2012 for this street in the register.

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 value for these streets is Rs 1,950 per sq.ft, placing Metro Square Extension above this median.

• Metro Square: Rs 1,900 per sq.ft (2024)
• Metro Garden: Rs 1,950 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 Square Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 3,250 per sq.ft, the total guideline value amounts to Rs 32,50,000. The stamp duty at 7% would be Rs 2,27,500, and the registration fee at 2% would be Rs 65,000, bringing the total fees together to Rs 2,92,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Metro Square Extension?

The Metro Square Extension falls under 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 details.

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

The guideline value is a crucial factor when registering property transactions in Ottiyampakkam. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. This ensures that both the buyer and seller are aware of the financial obligations involved in the transaction.

Frequently asked questions

What is the current guideline value of Metro Square Extension?

The current guideline value of Metro Square Extension is Rs 3,250 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained unchanged at Rs 3,000 per sq.ft from 2017 to 2023, but it increased to Rs 3,250 per sq.ft in the 2024 revision, marking an 8% increase from the previous year.

What is the land classification for Metro Square Extension?

Metro Square Extension is classified as Commercial Class I Type - I, which indicates its suitability for commercial activities.

What are the stamp duty and registration fees for property in Metro Square Extension?

The stamp duty is charged at 7% and the registration fee at 2% of the guideline value or sale price, whichever is higher. For a 1,000 sq.ft plot at the current rate, the total fees would amount to Rs 2,92,500.

Which office handles the registration for Metro Square Extension?

The Selaiyur Sub Registrar Office is responsible for handling registrations for Metro Square Extension, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.