Guideline Value for METTU COLONY 2ND STREET

Mettu Colony 2nd Street guideline value

The current guideline value of Mettu Colony 2nd Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Iyyappanthangal village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Mettu Colony 2nd Street has changed

The guideline value for Mettu Colony 2nd Street has undergone several revisions over the years. In 2012, the guideline value was Rs 1,500 per sq.ft. This figure was revised to Rs 1,005 per sq.ft in 2017, marking a decrease of 33%. However, the value saw a significant increase to Rs 1,500 per sq.ft in 2023, followed by another rise to Rs 1,650 per sq.ft in 2024, which is a 10% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2012 to 2024, the value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Iyyappanthangal

In Iyyappanthangal, there are 134 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 5,610 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, which means that the 2024 figure for Mettu Colony 2nd Street is below that median.

• Mettu Colony 1st Street: Rs 1,650 per sq.ft (2024)
• Mettu Colony: Rs 1,650 per sq.ft (2024)
• Mettu Street (Vanniya): Rs 2,200 per sq.ft (2024)
• M.G.R.Street (Slum Board): Rs 1,100 per sq.ft (2024)
• Maruthi Nagar: Rs 2,200 per sq.ft (2024)
• Mariamman Koil Street: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Mettu Colony 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty, charged at 7%, would amount to Rs 1,15,500, while the registration fee at 2% would be Rs 33,000. Together, the total cost for these fees would be Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Mettu Colony 2nd Street?

The Sub Registrar Office that covers Mettu Colony 2nd Street is 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 details.

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

The guideline value is a crucial factor in property transactions in Iyyappanthangal, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure that they comply with legal requirements during the registration process.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Mettu Colony 2nd Street?

The current guideline value of Mettu Colony 2nd Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then back to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What is the land classification for Mettu Colony 2nd Street?

The land classification for Mettu Colony 2nd Street is Residential Class IV Type - I.

Which Sub Registrar Office covers this area?

The Chennai South Joint I Sub Registrar Office covers Mettu Colony 2nd Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current rate would incur a total fee of Rs 1,48,500.