Guideline Value for Metha Nagar Periya Street (Ward-16)

Metha Nagar Periya Street (Ward-16) guideline value

The current guideline value of Metha Nagar Periya Street (Ward-16) is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village under the Madhavaram SRO, classified as Residential Class III Type - I.

How the guideline value of Metha Nagar Periya Street (Ward-16) has changed

The guideline value for Metha Nagar Periya Street has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 1,200 per sq.ft. This was followed by a decrease in the 2017 revision, where the value dropped to Rs 804 per sq.ft. However, the most recent 2024 revision has increased the guideline value to Rs 1,300 per sq.ft, marking a significant increase of 62% from the 2017 figure. Overall, from 2012 to 2024, there has been a slight increase of 8% in the guideline value.

It is important to note that there are no registered figures for the years 2002, 2003, 2007, and 2023 for this street. This lack of data means that the changes in guideline value are only based on the revisions from 2012, 2017, and 2024.

Guideline values in Madhavaram

Madhavaram village has a total of 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft as of 2024. The median guideline value in this area is Rs 1,600 per sq.ft, indicating that the 2024 figure for Metha Nagar Periya Street is below this median.

• Metha Nagar (Madhavaram Milk Pannai): Rs 1,600 per sq.ft (2024)
• Metha Nagar (A.J.): Rs 1,600 per sq.ft (2024)
• Merryland Estates (Ward-02): Rs 1,300 per sq.ft (2024)
• Meri Land Est.: Rs 1,300 per sq.ft (2024)
• Melaveethi: Rs 1,600 per sq.ft (2024)
• Mehta Nagar (Ward-16): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Metha Nagar Periya Street (Ward-16)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total to Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator to get a more accurate estimate based on your specific property details.

Which Sub Registrar Office covers Metha Nagar Periya Street (Ward-16)?

The Sub Registrar Office that covers Metha Nagar Periya Street (Ward-16) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your specific SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when registering property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the fair value of the property based on local market conditions. This value is used to calculate the applicable stamp duty and registration fees, which are essential for the legal transfer of property ownership.

Frequently asked questions

What is the current guideline value of Metha Nagar Periya Street (Ward-16)?

The current guideline value of Metha Nagar Periya Street (Ward-16) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, and then increased to Rs 1,300 per sq.ft in 2024. This reflects a 62% increase from 2017 to 2024 and an overall increase of 8% from 2012 to 2024.

What is the land classification for Metha Nagar Periya Street?

Metha Nagar Periya Street is classified as Residential Class III Type - I, which indicates its suitability for residential development.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is charged at 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher. For a property valued at Rs 13,00,000, the total fees would amount to Rs 1,17,000.

Where can I find the Sub Registrar Office for Metha Nagar Periya Street?

The Madhavaram Sub Registrar Office covers Metha Nagar Periya Street (Ward-16) and is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.