Guideline Value for METTU STREET

Mettu Street guideline value

The current guideline value of Mettu Street in Salavakkam village, under the Salavakkam SRO, is Rs 126 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class II Type - I.

How the guideline value of Mettu Street has changed

The guideline value of Mettu Street has undergone several revisions over the years. The earliest recorded figure is from 2007, where it was Rs 50 per sq.ft. This increased to Rs 125 per sq.ft in 2012, marking a significant rise of 150%. However, the value dropped to Rs 84 per sq.ft in 2017, a decrease of 33%. From 2017 to 2023, the value rose by 50% to Rs 126 per sq.ft, and it remained unchanged at this rate in the 2024 revision.

It is important to note that the register has no figures for Mettu Street for the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 152%.

Guideline values in Salavakkam

In Salavakkam, there are 38 streets under the Salavakkam SRO that have a 2024 guideline value ranging from Rs 100 to Rs 250 per sq.ft. The median value for these streets is Rs 150 per sq.ft, placing Mettu Street's 2024 figure below this median.

• Mariyamman Koil Street: Rs 126 per sq.ft (2024)
• Maniyakara Street @ Munichief Street: Rs 126 per sq.ft (2024)
• Nakshatra Avenue: Rs 150 per sq.ft (2024)
• Nakshatra Nagar: Rs 100 per sq.ft (2024)
• Padasalai Street: Rs 100 per sq.ft (2024)
• Pambaikara Street: Rs 102 per sq.ft (2024)

Stamp duty and registration fee for property in Mettu Street

For a 1,000 sq.ft plot at the current guideline value of Rs 126 per sq.ft, the total guideline value would be Rs 1,26,000. The stamp duty at 7% would amount to Rs 8,820, and the registration fee at 2% would be Rs 2,520, bringing the total cost for these fees to Rs 11,340. 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 Street?

The Sub Registrar Office that covers Mettu Street is the Salavakkam Sub Registrar Office, located at 2/1a, Thottakkara Street, Salavakkam, 603 107, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Salavakkam. It serves as a benchmark for determining the minimum value at which a property can be sold or bought, ensuring transparency in property dealings.

When you register a property, 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 appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Mettu Street?

The current guideline value of Mettu Street is Rs 126 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 50 per sq.ft in 2007 to Rs 126 per sq.ft in 2024, reflecting an overall increase of 152% over the years.

What is the land classification for Mettu Street?

Mettu Street is classified as Residential Class II Type - I, indicating its suitability for residential development.

Where can I find the Salavakkam Sub Registrar Office?

The Salavakkam Sub Registrar Office is located at 2/1a, Thottakkara Street, Salavakkam, 603 107, Chengalpattu registration zone.

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 Rs 126 per sq.ft incurs a total fee of Rs 11,340.