Guideline Value for Metro Apartments

Metro Apartments guideline value

The current guideline value for Metro Apartments in Gowrivakkam village is Rs 840 per sq.ft, effective from 1 July 2024. This property falls under the Selaiyur SRO and is classified as Residential Class IV Type - I.

How the guideline value of Metro Apartments has changed

The guideline value for Metro Apartments has undergone several revisions over the years. In the 2007 revision, the value was Rs 250 per sq.ft, which increased to Rs 500 per sq.ft in 2012. However, it decreased to Rs 335 per sq.ft in 2017, before rising significantly to Rs 500 per sq.ft in 2023. The most recent revision in 2024 set the guideline value at Rs 840 per sq.ft, marking a substantial increase of 68% from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 236%. The register does not have figures for the revisions in 2002 and 2003 for this street.

Guideline values in Gowrivakkam

In Gowrivakkam, there are 130 streets under the Selaiyur SRO, with guideline values ranging from Rs 840 to Rs 3,750 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, indicating that the 2024 figure for Metro Apartments is below this median.

• Mutharamman Koil Street: Rs 840 per sq.ft (2024)
• Nagalingam Street: Rs 1,600 per sq.ft (2024)
• Nakkiran Street: Rs 840 per sq.ft (2024)
• Nehur Street: Rs 2,200 per sq.ft (2024)
• K.V.I.C Nagar Pirathana Salai: Rs 2,200 per sq.ft (2024)
• K.V.I.C.Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Metro Apartments

For a 1,000 sq.ft plot at the current guideline value of Rs 840 per sq.ft, the total guideline value amounts to Rs 8,40,000. The stamp duty at 7% would be Rs 58,800, and the registration fee at 2% would be Rs 16,800, bringing the total charges to Rs 75,600. 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 detailed calculations.

Which Sub Registrar Office covers Metro Apartments?

The Metro Apartments are covered by the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration of property transactions in Gowrivakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is considered alongside the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, which are mandatory for the legal transfer of property ownership.

Frequently asked questions

What is the current guideline value of Metro Apartments?

The current guideline value of Metro Apartments in Gowrivakkam village is Rs 840 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has seen several revisions. It has increased from Rs 250 per sq.ft in 2007 to Rs 840 per sq.ft in 2024, marking an overall increase of 236%.

What are the other guideline values in Gowrivakkam?

In Gowrivakkam, other streets have varying guideline values, with the lowest being Rs 840 per sq.ft and the highest reaching Rs 3,750 per sq.ft. The median value is Rs 2,200 per sq.ft.

What fees are applicable when buying property in Metro Apartments?

When buying property in Metro Apartments, stamp duty at 7% and a registration fee at 2% are applicable. These fees are calculated based on the higher of the guideline value or the sale price.

Where is the Selaiyur Sub Registrar Office located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.