Guideline Value for Metro Nagar Extension

Metro Nagar Extension guideline value

The current guideline value for Metro Nagar Extension is Rs 3,050 per sq.ft, effective from 1 July 2024. This area is located in Maduravoyal village, under the Virugambakkam SRO, and is classified as Residential Class III Type - I.

How the guideline value of Metro Nagar Extension has changed

The guideline value for Metro Nagar Extension has undergone several revisions over the years. In 2007, the guideline value was set at Rs 500 per sq.ft. This increased significantly to Rs 2,750 per sq.ft in 2012, marking a 450% rise. However, by 2017, the value decreased to Rs 1,842 per sq.ft, reflecting a 33% drop. The subsequent revision in 2023 raised the value to Rs 2,750 per sq.ft, and the latest revision in 2024 has further increased it to Rs 3,050 per sq.ft, which is an 11% increase from the previous year. The register has no figures for the years 2002 and 2003.

Overall, from 2007 to 2024, the guideline value has increased by 510%. The value in 2017 was Rs 1,842 per sq.ft, and it rose to Rs 2,750 per sq.ft in 2023, showing a 49% increase. The latest figure of Rs 3,050 per sq.ft in 2024 reflects a substantial increase in property values in this area.

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, with the median being Rs 3,050 per sq.ft. The guideline value for Metro Nagar Extension is equal to this median.

• Metro Nagar Alapakkam Main Road: Rs 5,500 per sq.ft (2024)
• Metro Nagar 7th Main Road: Rs 3,050 per sq.ft (2024)
• Metro Nagar 6th Main Road: Rs 3,050 per sq.ft (2024)
• Metro Nagar 5th Main Road: 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 Extension

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 at 7% would be Rs 2,13,500, and the registration fee at 2% would be Rs 61,000, bringing the total fees together to 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.

You can use our stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Metro Nagar Extension?

The Sub Registrar Office that covers Metro Nagar Extension is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. For more information, you can find your SRO.

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

The guideline value plays a crucial role during property registration in Maduravoyal. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold. The fees are calculated based on the guideline value or the sale price, whichever is higher.

When a buyer approaches the registration office, the guideline value ensures that the transaction is recorded at a fair value, reflecting the current market conditions as determined by the authorities. This helps maintain transparency and consistency in property transactions.

Frequently asked questions

What is the current guideline value of Metro Nagar Extension?

The current guideline value of Metro Nagar Extension 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 seen several revisions, starting from Rs 500 per sq.ft in 2007 to Rs 3,050 per sq.ft in 2024, marking an overall increase of 510% over the years.

What is the stamp duty for property in Metro Nagar Extension?

The stamp duty for property in Metro Nagar Extension is 7% of the guideline value or sale price, whichever is higher. For a property valued at Rs 30,50,000, the stamp duty would be Rs 2,13,500.

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.

What is the land classification for Metro Nagar Extension?

Metro Nagar Extension is classified as Residential Class III Type - I, indicating its suitability for residential development.