Guideline Value for Metro Corporate Residency

Metro Corporate Residency guideline value

The current guideline value of Metro Corporate Residency is Rs 600 per sq.ft, effective from 1 July 2024. This property is located in Kanchivakkam village, under the Gooduvancheri SRO, and is classified as Residential Special Type - I.

How the guideline value of Metro Corporate Residency has changed

The guideline value for Metro Corporate Residency has seen several revisions over the years. The 2007 revision set the value at Rs 450 per sq.ft, which increased to Rs 600 per sq.ft in the 2012 revision. However, this was followed by a decrease to Rs 402 per sq.ft in 2017. The value then rose significantly by 49% to Rs 600 per sq.ft in the 2023 revision, which has remained unchanged in the 2024 revision.

It is important to note that there are no figures available for this street in the years 2002 and 2003. Overall, from the 2007 revision to the current 2024 revision, there has been an increase of 33% in the guideline value.

Guideline values in Kanchivakkam

Kanchivakkam village has 23 streets under the Gooduvancheri SRO with a 2024 guideline value ranging from Rs 400 to Rs 600 per sq.ft. The median value for these streets is Rs 500 per sq.ft, placing Metro Corporate Residency's 2024 figure above this median.

• Media Quarters: Rs 400 per sq.ft (2024)
• Lotus Enclave: Rs 600 per sq.ft (2024)
• Kuberan Nagar: Rs 500 per sq.ft (2024)
• Kannan Nagar: Rs 600 per sq.ft (2024)
• Jayalakshmi Nagar Extention: Rs 600 per sq.ft (2024)
• Jayalakshmi Nagar: Rs 600 per sq.ft (2024)

Stamp duty and registration fee for property in Metro Corporate Residency

For a 1,000 sq.ft plot at the current guideline value of Rs 600 per sq.ft, the total guideline value amounts to Rs 6,00,000. The stamp duty at 7% would be Rs 42,000, and the registration fee at 2% would be Rs 12,000, bringing the total fees to Rs 54,000. 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 Corporate Residency?

The Metro Corporate Residency is covered by the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone. You can find your SRO for more information.

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

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

When buying or selling property, the guideline value helps both parties understand the fair value of the property based on the latest revisions. This ensures transparency in transactions and aids in avoiding disputes related to property pricing.

Frequently asked questions

What is the current guideline value of Metro Corporate Residency?

The current guideline value of Metro Corporate Residency is Rs 600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, with the most recent revisions showing a significant increase from Rs 402 per sq.ft in 2017 to Rs 600 per sq.ft in 2023 and 2024.

What is the land classification of Metro Corporate Residency?

Metro Corporate Residency is classified as Residential Special Type - I, which indicates its intended use for residential purposes.

Where can I find the Sub Registrar Office for Metro Corporate Residency?

The Gooduvancheri Sub Registrar Office covers Metro Corporate Residency and is located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone.

How is the stamp duty calculated for properties in Kanchivakkam?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 6,00,000 would incur a stamp duty of Rs 42,000 at 7%.