Guideline Value for METTU STREET

Mettu Street guideline value

The current guideline value of Mettu Street in Korattur village, under the Villivakkam SRO, is Rs 2,500 per sq.ft, effective from 1 July 2024. The land classification for this street is Residential Class II Type - III.

How the guideline value of Mettu Street has changed

The guideline value for Mettu Street has undergone several revisions since 2002. In 2002, the guideline value was Rs 91 per sq.ft. This increased significantly to Rs 250 per sq.ft in 2007, marking a rise of 175%. The value then saw a substantial jump to Rs 2,300 per sq.ft in 2012, which was an increase of 820%. However, from 2012 to 2017, the value decreased to Rs 1,541 per sq.ft, reflecting a decline of 33%. The latest revision in 2024 set the guideline value at Rs 2,500 per sq.ft, representing a 62% increase from the 2017 figure.

It is important to note that there are no figures available for the years 2003 and 2023 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 2,647%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median value is Rs 2,500 per sq.ft, which aligns with the current guideline value of Mettu Street.

• Menabedu Road (Kanchinakuppam): Rs 2,500 per sq.ft (2024)
• Meenakshi Nagar: Rs 1,600 per sq.ft (2024)
• M.M.Nagar: Rs 1,300 per sq.ft (2024)
• Maruthi Flats: Rs 2,900 per sq.ft (2024)
• Mariyamman Koil Street: Rs 1,600 per sq.ft (2024)
• Mariyamma Nagar: Rs 2,500 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 2,500 per sq.ft, the total guideline value would be Rs 25,00,000. The stamp duty at 7% would amount to Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, making the total cost for these fees Rs 2,25,000. It is important to note that the 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 Street?

The Sub Registrar Office that covers Mettu Street is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

When buying or selling property in Korattur, the guideline value plays a crucial role in determining the registration fees and stamp duty. These costs are calculated based on the guideline value set for the property, ensuring that the transaction is recorded accurately in the official register.

It is essential for buyers and sellers to be aware of the guideline value as it directly impacts the financial obligations during the registration process. Proper understanding of these values can help in making informed decisions during property transactions.

Frequently asked questions

What is the current guideline value of Mettu Street?

The current guideline value of Mettu Street is Rs 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen significant changes, from Rs 91 per sq.ft in 2002 to Rs 2,500 per sq.ft in 2024, marking an overall increase of 2,647%.

What is the land classification for Mettu Street?

Mettu Street is classified as Residential Class II Type - III.

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

The Villivakkam Sub Registrar Office covers Mettu Street, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the same. For example, a 1,000 sq.ft plot at Rs 2,500 per sq.ft has a total guideline value of Rs 25,00,000.