Guideline Value for Metro Classic City

Metro Classic City guideline value

The current guideline value of Metro Classic City, located in Perungalathur village under the Padappai SRO, is Rs 2,310 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - I land classification.

How the guideline value of Metro Classic City has changed

The guideline value for Metro Classic City has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 2,310 per sq.ft, an increase from Rs 2,100 per sq.ft in 2023, marking a 10% rise. Prior to that, in 2017, the value was Rs 1,407 per sq.ft, which represents a significant increase of 49% from the 2023 figure. The 2012 revision also recorded a value of Rs 2,100 per sq.ft, showing a decrease of 33% compared to the 2017 value. Overall, from 2012 to 2024, the guideline value has increased by 10%.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. The 2012 and 2017 revisions reflect fluctuations in the guideline value, but the most recent updates indicate a steady rise in the value since 2017.

Guideline values in Perungalathur

In Perungalathur, there are 411 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 5,500 per sq.ft. The guideline value for Metro Classic City is equal to the median value of Rs 2,310 per sq.ft for the area.

• Meera Nagar: Rs 1,980 per sq.ft (2024)
• Mettu Theru: Rs 2,640 per sq.ft (2024)
• Meenakshi Avenue: Rs 1,980 per sq.ft (2024)
• Medo Villas: Rs 3,960 per sq.ft (2024)
• M.A.V.Ramraja Avenue: Rs 2,970 per sq.ft (2024)
• M.G.R. Road: Rs 1,980 per sq.ft (2024)

Stamp duty and registration fee for property in Metro Classic City

For a 1,000 sq.ft plot at the current guideline value of Rs 2,310 per sq.ft, the total guideline value would be Rs 23,10,000. The stamp duty at 7% would amount to Rs 1,61,700, while the registration fee at 2% would be Rs 46,200. Together, the total cost for stamp duty and registration would be Rs 2,07,900. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Metro Classic City?

The Sub Registrar Office that covers Metro Classic City 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 Perungalathur

The guideline value plays a crucial role in the registration process when buying or selling property in Perungalathur. It serves as a benchmark for determining the minimum value of the property for registration purposes, ensuring that the transaction is recorded accurately in the official records.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are necessary for the legal transfer of ownership. This ensures that both the buyer and seller comply with the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value of Metro Classic City?

The current guideline value of Metro Classic City is Rs 2,310 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,100 per sq.ft in 2023 to Rs 2,310 per sq.ft in 2024. It was Rs 1,407 per sq.ft in 2017 and Rs 2,100 per sq.ft in 2012.

What is the land classification of Metro Classic City?

Metro Classic City falls under the Residential Class II Type - I land classification.

Where is the Sub Registrar Office for Metro Classic City located?

The Sub Registrar Office for Metro Classic City is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the total cost for stamp duty and registration would be Rs 2,07,900.