Guideline Value for METTU COLONY

Mettu Colony guideline value

The current guideline value of Mettu Colony, located in Manapakkam village under the Chennai South Joint I SRO, is Rs 1,980 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class IV Type - II.

How the guideline value of Mettu Colony has changed

The guideline value for Mettu Colony has seen several revisions over the years. Starting from Rs 79 per sq.ft in 2002, the value increased significantly to Rs 88 per sq.ft in 2003, marking an 11% rise. The value then surged dramatically to Rs 850 per sq.ft in 2007, reflecting an increase of 866%. Following this, the value rose to Rs 1,800 per sq.ft in 2012, which was a 112% increase from the previous revision. However, it then decreased to Rs 1,206 per sq.ft in 2017, a drop of 33%. The value continued to climb, reaching Rs 1,800 per sq.ft in 2023, before the latest revision to Rs 1,980 per sq.ft in 2024, which is a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 2406%. It is important to note that there are no figures available for the revisions of certain years for this street.

Guideline values in Manapakkam

In Manapakkam, there are 368 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 12,800 per sq.ft, with a median value of Rs 2,530 per sq.ft. The guideline value of Mettu Colony is below this median.

• Mettu Colony Anna Street: Rs 3,300 per sq.ft (2024)
• Mettu Colony Link Road: Rs 1,980 per sq.ft (2024)
• Meganthi Brothers Main Salai: Rs 1,650 per sq.ft (2024)
• Meganthi Brothers Left Cross Street: Rs 1,650 per sq.ft (2024)
• M.G.R. Nagar: Rs 2,200 per sq.ft (2024)
• M.G.R. Nagar Chembar Road To M.G.R. Nagar Link Road: Rs 1,980 per sq.ft (2024)

Stamp duty and registration fee for property in Mettu Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 1,980 per sq.ft, the total guideline value would be Rs 19,80,000. The stamp duty at 7% would amount to Rs 1,38,600, and the registration fee at 2% would be Rs 39,600, bringing the total to Rs 1,78,200. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mettu Colony?

The Mettu Colony area falls under 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 Manapakkam

The guideline value is a critical factor in property transactions in Manapakkam, as it determines the minimum value at which a property can be registered. When buying or selling a property, the guideline value is used to calculate the applicable stamp duty and registration fees, ensuring that these costs are based on a standardized valuation.

During the registration process, buyers and sellers must provide accurate information regarding the property and its guideline value. This ensures compliance with local regulations and helps in the smooth execution of property transactions.

Frequently asked questions

What is the current guideline value of Mettu Colony?

The current guideline value of Mettu Colony is Rs 1,980 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 79 per sq.ft in 2002 to Rs 1,980 per sq.ft in 2024, reflecting an overall increase of 2406% over this period.

What is the land classification for Mettu Colony?

The land classification for Mettu Colony is Residential Class IV Type - II.

Where can I find the Sub Registrar Office for Mettu Colony?

The Sub Registrar Office covering Mettu Colony is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is stamp duty calculated for properties in Mettu Colony?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, a property with a guideline value of Rs 19,80,000 would incur a stamp duty of Rs 1,38,600 at a rate of 7%.