Guideline Value for Metro Nagar 7th Main Road

Metro Nagar 7th Main Road guideline value

The current guideline value of Metro Nagar 7th Main Road is Rs 3,050 per sq.ft, effective from 1 July 2024. This road is located in Maduravoyal village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Metro Nagar 7th Main Road has changed

The guideline value for Metro Nagar 7th Main Road has undergone several revisions over the years. The earliest recorded figure is from 2002, where the guideline value was Rs 302 per sq.ft. In 2003, it increased to Rs 331 per sq.ft, marking a 10% rise. The value saw another increase in 2007 to Rs 500 per sq.ft, which was a significant jump of 51%. However, from 2007 to 2012, the value rose dramatically to Rs 2,750 per sq.ft, reflecting a 450% increase. The 2017 revision saw a decrease to Rs 1,842 per sq.ft, a drop of 33%. The value then increased again to Rs 2,750 per sq.ft in 2023, before reaching the current figure of Rs 3,050 per sq.ft in 2024, which is an 11% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 910%. Notably, there are no figures available for the revisions in years other than those listed.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median guideline value for these streets is Rs 3,050 per sq.ft, which is the same as the current value for Metro Nagar 7th Main Road.

• Metro Nagar 6th Main Road: Rs 3,050 per sq.ft (2024)
• Metro Nagar Alapakkam Main Road: Rs 5,500 per sq.ft (2024)
• Metro Nagar 5th Main Road: Rs 3,050 per sq.ft (2024)
• Metro Nagar Extension: Rs 3,050 per sq.ft (2024)
• Metro Nagar 5th Cross Street: Rs 3,050 per sq.ft (2024)
• Metro Nagar 4th Main Road: Rs 3,050 per sq.ft (2024)

Stamp duty and registration fee for property in Metro Nagar 7th Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 3,050 per sq.ft, the total guideline value amounts to Rs 30,50,000. The stamp duty is calculated at 7%, which amounts to Rs 2,13,500, and the registration fee is charged at 2%, totaling Rs 61,000. Thus, the total cost for stamp duty and registration fee together is Rs 2,74,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Metro Nagar 7th Main Road?

The Sub Registrar Office that covers Metro Nagar 7th Main Road is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property transactions in Maduravoyal. It serves as the minimum value on which stamp duty and registration fees are calculated. Buyers and sellers must consider this value to ensure compliance with legal requirements during property transactions.

When a property is sold, the guideline value helps determine the appropriate fees that need to be paid at the time of registration. This ensures that both parties are aware of the financial implications associated with the transaction.

Frequently asked questions

What is the current guideline value of Metro Nagar 7th Main Road?

The current guideline value of Metro Nagar 7th Main Road is Rs 3,050 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 302 per sq.ft in 2002 to Rs 3,050 per sq.ft in 2024, reflecting an overall increase of 910% over the years.

What is the land classification for Metro Nagar 7th Main Road?

The land classification for Metro Nagar 7th Main Road is Residential Class III Type - I, indicating its use for residential purposes.

Where is the Virugambakkam Sub Registrar Office located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties in Metro Nagar 7th Main Road?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 30,50,000, the stamp duty at 7% would amount to Rs 2,13,500.