Guideline Value for Metro IT Residency

Metro IT Residency guideline value

The current guideline value of Metro IT Residency is Rs 1,300 per sq.ft, as per the 2023 revision. This property is located in Melakottyur village under the Gooduvancheri SRO, classified as Residential Special Type - I.

How the guideline value of Metro IT Residency has changed

The guideline value for Metro IT Residency has undergone several revisions over the years. The earliest recorded revision was in 2007, where the guideline value was Rs 275 per sq.ft. This figure saw a significant increase in the 2012 revision, where it rose to Rs 1,300 per sq.ft, marking a remarkable increase of 373%. However, in the 2017 revision, the value decreased to Rs 871 per sq.ft, which was a decline of 33%. The most recent revision in 2023 saw the guideline value return to Rs 1,300 per sq.ft, representing a 49% increase from the 2017 figure.

Overall, from the 2007 revision to the 2023 revision, the guideline value has increased by 373%. It is important to note that there are no figures available for the revisions in 2002, 2003, and 2024 for this street.

Guideline values in Melakottyur

Currently, there are no specific village figures available for Melakottyur. However, Metro IT Residency is situated within this village, and the guideline value for this street is Rs 1,300 per sq.ft. There are no other streets in Melakottyur listed under the Gooduvancheri SRO.

Stamp duty and registration fee for property in Metro IT Residency

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, charged at 7%, would be Rs 91,000, while the registration fee at 2% would be Rs 26,000. Together, the total cost for stamp duty and registration fee would be Rs 1,17,000. It is essential to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Metro IT Residency?

The Metro IT Residency is covered by the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when registering property transactions in Melakottyur. It serves as a benchmark for determining the stamp duty and registration fees that are payable during the buying or selling process. Buyers and sellers must consider the guideline value to ensure compliance with local regulations.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two amounts is used to calculate the applicable duties and fees. This ensures that the state government receives the correct revenue from property transactions.

Frequently asked questions

What is the current guideline value for Metro IT Residency?

The current guideline value for Metro IT Residency is Rs 1,300 per sq.ft, as per the 2023 revision.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 275 per sq.ft in 2007 to Rs 1,300 per sq.ft in both 2012 and 2023. There was a decrease to Rs 871 per sq.ft in 2017.

What is the stamp duty rate for properties in Metro IT Residency?

The stamp duty rate for properties in Metro IT Residency is 7% of the guideline value or the sale price, whichever is higher.

What are the registration fees for property transactions?

The registration fee for property transactions in Metro IT Residency is 2% of the guideline value or the sale price, whichever is higher.

Which office handles registrations for Metro IT Residency?

The registrations for Metro IT Residency are handled by the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone.