Guideline Value for METTU STREET

Mettu Street guideline value

The current guideline value of Mettu Street in Villivakkam village, under the Villivakkam SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class IV Type - II land classification.

How the guideline value of Mettu Street has changed

The guideline value of Mettu Street has undergone several revisions over the years. In 2002, the guideline value was Rs 551 per sq.ft. This increased to Rs 630 per sq.ft in 2003, marking a change of +14%. The value then rose significantly to Rs 950 per sq.ft in 2007, which was a +51% increase. Following this, in 2012, the value was revised to Rs 3,000 per sq.ft, showing a substantial increase of +216% from the 2007 figure. However, the value decreased to Rs 2,010 per sq.ft in 2017, reflecting a drop of -33%. The guideline value increased again to Rs 3,000 per sq.ft in 2023, and finally to the current figure of Rs 3,300 per sq.ft in 2024, which is a +10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by +499%. There are no figures available for the revisions in years not mentioned in the list.

Guideline values in Villivakkam

In Villivakkam, there are 372 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 1,600 to Rs 13,200 per sq.ft. The median guideline value in this area is Rs 4,900 per sq.ft, placing Mettu Street's 2024 figure below that median.

• Mettu Street Lane: Rs 2,700 per sq.ft (2024)
• Moppiliamman Koil Street: Rs 2,200 per sq.ft (2024)
• Mullai Nagar: Rs 8,200 per sq.ft (2024)
• MULLAI NAGAR 10th STREET: Rs 8,200 per sq.ft (2024)
• MULLAI NAGAR 11th STREET: Rs 8,200 per sq.ft (2024)
• MULLAI NAGAR 1st STREET: Rs 8,200 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 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000. Together, the total fees would be Rs 2,97,000. Please 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 information.

Which Sub Registrar Office covers Mettu Street?

The Sub Registrar Office covering Mettu Street is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for additional assistance.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Villivakkam. It is used to determine the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers should be aware that the guideline value is a critical factor in ensuring compliance with local regulations.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the 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 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 551 in 2002 to Rs 3,300 in 2024, showing an overall increase of +499% over this period.

What is the land classification of Mettu Street?

Mettu Street is classified as Residential Class IV Type - II, which indicates its zoning for residential purposes.

What are the stamp duty and registration fees for a property in Mettu Street?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Where is the Sub Registrar Office for Mettu Street located?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.