Guideline Value for Metbeev Nagar

Metbeev Nagar guideline value

The current guideline value of Metbeev Nagar is Rs 550 per sq.ft, effective from 1 July 2024. This area is located in Naduveerapattu village and falls under the Padappai SRO. The land classification for this street is Residential Class I Type - I.

How the guideline value of Metbeev Nagar has changed

Over the years, the guideline value of Metbeev Nagar has seen several revisions. The earliest figure available is from 2012, when it was Rs 500 per sq.ft. This was followed by a decrease to Rs 335 per sq.ft in 2017. The 2023 revision set the value at Rs 500 per sq.ft again, and the most recent revision in 2024 increased it to Rs 550 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, there was a decrease of 33%, while the value increased by 49% from 2017 to 2023. The 2023 to 2024 revision saw an increase of 10%. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Naduveerapattu

Naduveerapattu village has a total of 96 streets under the Padappai SRO, with guideline values ranging from Rs 330 to Rs 2,500 per sq.ft. The median guideline value in the village is Rs 660 per sq.ft, placing Metbeev Nagar's 2024 figure below that median.

• Mettis: Rs 550 per sq.ft (2024)
• M.M Nagar: Rs 550 per sq.ft (2024)
• M.M Nagar Extn-I: Rs 770 per sq.ft (2024)
• Malar Nagar: Rs 2,010 per sq.ft (2024)
• Madha Nagar: Rs 440 per sq.ft (2024)
• Lakshmi Nagar Extn: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in Metbeev Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value would be Rs 5,50,000. The stamp duty at 7% would amount to Rs 38,500, and the registration fee at 2% would be Rs 11,000, bringing the total cost together to Rs 49,500. 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 accurate calculations.

Which Sub Registrar Office covers Metbeev Nagar?

The Sub Registrar Office that covers Metbeev Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is an essential factor in the registration process when buying or selling property in Naduveerapattu. It determines the minimum value at which a property can be registered and is used to calculate the applicable stamp duty and registration fees.

When a buyer and seller agree on a sale price, the registration office will charge duty based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Metbeev Nagar?

The current guideline value of Metbeev Nagar is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2012 to Rs 335 per sq.ft in 2017, then back to Rs 500 per sq.ft in 2023, and finally to Rs 550 per sq.ft in 2024.

What is the land classification of Metbeev Nagar?

Metbeev Nagar is classified as Residential Class I Type - I according to the land classification guidelines.

How does the guideline value affect property transactions?

The guideline value affects property transactions by determining the minimum registration value and influencing the stamp duty and registration fees that must be paid during the sale or purchase of property.

Where can I find the Sub Registrar Office for Metbeev Nagar?

The Sub Registrar Office covering Metbeev Nagar is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.