Guideline Value for METTU COLONY

Mettu Colony guideline value

The current guideline value of Mettu Colony in Iyyappanthangal village is Rs 1,650 per sq.ft, effective from the 2024 revision. This area falls under the Chennai South Joint I SRO and is classified as Residential Class IV Type - I.

How the guideline value of Mettu Colony has changed

The guideline value of Mettu Colony has seen several revisions over the years. In 2007, the value was set at Rs 300 per sq.ft, which increased significantly to Rs 1,500 per sq.ft in 2012, marking a 400% rise. However, from 2012 to 2017, the value dropped to Rs 1,005 per sq.ft, a decrease of 33%. The value then rose again to Rs 1,500 per sq.ft in 2023, and most recently, it has been revised to Rs 1,650 per sq.ft in 2024, reflecting a 10% increase.

From 2017 to 2023, there was a notable increase of 49%, leading to the current value. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 450%. It is important to note that the register does not contain figures for the years 2002 and 2003 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, with a median value of Rs 2,200 per sq.ft. The guideline value for Mettu Colony is below this median.

• Mettu Colony 1st Street: Rs 1,650 per sq.ft (2024)
• Mettu Colony 2nd Street: 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

For a 1,000 sq.ft plot at the current rate of Rs 1,650 per sq.ft, the guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. 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 Mettu Colony?

The Sub Registrar Office that covers Mettu Colony 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. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role when buying or selling property in Iyyappanthangal. It is used to determine the stamp duty and registration fees applicable to the transaction. Buyers need to be aware that the stamp duty is calculated based on the guideline value or the sale price, whichever is higher.

When registering a property, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in real estate dealings. This value is periodically revised to reflect changes in the market and property trends.

Frequently asked questions

What is the current guideline value of Mettu Colony?

The current guideline value of Mettu Colony is Rs 1,650 per sq.ft, effective from the 2024 revision.

How much has the guideline value changed over the years?

The guideline value has increased from Rs 300 per sq.ft in 2007 to Rs 1,650 per sq.ft in 2024, marking an overall increase of 450%.

What are the other streets in Iyyappanthangal with their guideline values?

Other streets in Iyyappanthangal include Mettu Colony 1st Street and Mettu Colony 2nd Street, both at Rs 1,650 per sq.ft, and Mettu Street (Vanniya) at Rs 2,200 per sq.ft, among others.

What is the stamp duty rate for properties in Mettu Colony?

The stamp duty rate for properties in Mettu Colony is 7% of the guideline value or sale price, whichever is higher.

Where can I find my Sub Registrar Office?

You can find your Sub Registrar Office by visiting the link provided to locate the Chennai South Joint I Sub Registrar Office at Fanepet Nandanam, Chennai.