Guideline Value for Mettu Street (Munusamy Reddy Colony)

Mettu Street (Munusamy Reddy Colony) guideline value

The current guideline value of Mettu Street (Munusamy Reddy Colony) is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Kodungaiyur village under the Madhavaram SRO, classified as Residential Class I Type - I.

How the guideline value of Mettu Street (Munusamy Reddy Colony) has changed

The guideline value has undergone several revisions over the years. In 2012, the guideline value was Rs 2,500 per sq.ft. This was followed by a decrease to Rs 1,675 per sq.ft in 2017. The 2023 revision saw an increase to Rs 2,500 per sq.ft, and the most recent revision in 2024 has set the value at Rs 2,700 per sq.ft. The changes between these revisions are significant; from 2017 to 2023, there was a 49% increase, while from 2023 to 2024, the increase was 8%. Overall, from 2012 to 2024, the guideline value has increased by 8%.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street. This lack of data means we cannot assess any changes during those years.

Guideline values in Kodungaiyur

Kodungaiyur village has 1,318 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median guideline value is Rs 2,700 per sq.ft, which is equal to the current guideline value of Mettu Street (Munusamy Reddy Colony).

• Mettu Street (Venkateshwara Nagar): Rs 2,700 per sq.ft (2024)
• Mettu Street: Rs 2,200 per sq.ft (2024)
• M.G.R. Nagar 1st Street: Rs 2,700 per sq.ft (2024)
• M.G.R. Nagar 2nd Street: Rs 2,700 per sq.ft (2024)
• M.G.R. Nagar 3rd Street: Rs 2,700 per sq.ft (2024)
• M.G.R. Nagar 4th Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Mettu Street (Munusamy Reddy Colony)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total cost for these fees to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mettu Street (Munusamy Reddy Colony)?

The Sub Registrar Office that covers Mettu Street (Munusamy Reddy Colony) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Kodungaiyur. It serves as a benchmark for determining the stamp duty and registration fees that buyers and sellers must pay during the transfer of property ownership.

When a property is sold, the guideline value is used to assess the applicable fees, ensuring that they are based on a standardized value rather than the negotiated sale price. This helps maintain transparency and consistency in property transactions within the region.

Frequently asked questions

What is the current guideline value of Mettu Street (Munusamy Reddy Colony)?

The current guideline value of Mettu Street (Munusamy Reddy Colony) is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then back to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,700 per sq.ft in 2024.

What is the land classification for Mettu Street (Munusamy Reddy Colony)?

Mettu Street (Munusamy Reddy Colony) is classified as Residential Class I Type - I, indicating its suitability for residential purposes.

Which Sub Registrar Office is responsible for Mettu Street (Munusamy Reddy Colony)?

The Madhavaram Sub Registrar Office is responsible for Mettu Street (Munusamy Reddy Colony), located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the stamp duty calculated for properties in Mettu Street (Munusamy Reddy Colony)?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the stamp duty would be Rs 1,89,000.