Guideline Value for Metro Paradise Town

Metro Paradise Town guideline value

The current guideline value of Metro Paradise Town, located in Varadarajapuram village under the Padappai SRO, is Rs 1,100 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 Paradise Town has changed

The guideline value for Metro Paradise Town has seen several revisions over the years. The 2012 revision set the value at Rs 1,000 per sq.ft, which was then reduced to Rs 670 per sq.ft in the 2017 revision. Following this, the value increased to Rs 1,000 per sq.ft in 2023, and finally, it rose to Rs 1,100 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a significant increase of 49%. 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.

Guideline values in Varadarajapuram

In Varadarajapuram, there are 250 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 4,100 per sq.ft, with a median value of Rs 1,650 per sq.ft. The guideline value for Metro Paradise Town is below this median.

• M.C.V. Nagar: Rs 2,480 per sq.ft (2024)
• Marvel County: Rs 1,320 per sq.ft (2024)
• Marudhupandi Street: Rs 990 per sq.ft (2024)
• Mudichur Road: Rs 3,300 per sq.ft (2024)
• Mullai Nagar: Rs 990 per sq.ft (2024)
• Mullai Nagarr: Rs 990 per sq.ft (2024)

Stamp duty and registration fee for property in Metro Paradise Town

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value amounts to Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, bringing the total cost for these fees to Rs 99,000. 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 information on fees applicable to your property transaction.

Which Sub Registrar Office covers Metro Paradise Town?

The Sub Registrar Office that covers Metro Paradise Town 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 details.

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

The guideline value is an essential factor in property transactions in Varadarajapuram, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with registration requirements.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Metro Paradise Town?

The current guideline value of Metro Paradise Town is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2012 to Rs 670 per sq.ft in 2017, then to Rs 1,000 per sq.ft in 2023, and finally to Rs 1,100 per sq.ft in 2024.

What is the land classification for Metro Paradise Town?

Metro Paradise Town falls under the Residential Class II Type - I land classification.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value, and the registration fee is 2%. For example, on a property valued at Rs 11,00,000, the total fees would amount to Rs 99,000.

Where can I find the Sub Registrar Office for Metro Paradise Town?

The Padappai Sub Registrar Office, which covers Metro Paradise Town, is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.