Guideline Value for Mettu Street 1st Lane

Mettu Street 1st Lane guideline value

The current guideline value of Mettu Street 1st Lane is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Kolathur village and falls under the Sembiam SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Mettu Street 1st Lane has changed

The guideline value for Mettu Street 1st Lane has undergone several revisions over the years. In 2007, the value was Rs 1,000 per sq.ft, which increased significantly to Rs 2,500 per sq.ft in 2012, marking a 150% rise. However, this was followed by a decrease to Rs 1,675 per sq.ft in 2017, a drop of 33% from the previous figure.

As of the 2024 revision, the guideline value stands at Rs 2,700 per sq.ft, which represents a 61% increase from the 2017 figure. Overall, from the 2007 revision to the 2024 revision, there has been a total increase of 170% in the guideline value for this street. The register has no figures for the years 2023, 2003, and 2002.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 6,000 per sq.ft, with a median value of Rs 3,300 per sq.ft. Mettu Street 1st Lane's 2024 figure is below this median.

• Mettu Street: Rs 2,700 per sq.ft (2024)
• Mettu Lane: Rs 2,700 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)
• Meganathan Salai: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Mettu Street 1st Lane

For a 1,000 sq.ft plot at the current rate of Rs 2,700 per sq.ft, the guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, totaling Rs 2,43,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mettu Street 1st Lane?

The Sub Registrar Office that covers Mettu Street 1st Lane is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Kolathur. It serves as a benchmark for determining the stamp duty and registration fees applicable during the transaction.

When a property is registered, the guideline value is compared with the sale price, and the higher value is used to calculate the stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Mettu Street 1st Lane?

The current guideline value of Mettu Street 1st Lane 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 several times, starting from Rs 1,000 per sq.ft in 2007 to Rs 2,700 per sq.ft in 2024, reflecting an overall increase of 170% from the 2007 revision to the 2024 revision.

What are the stamp duty and registration fees for property in Mettu Street 1st Lane?

For a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000, and the registration fee would be Rs 54,000, totaling Rs 2,43,000.

Which Sub Registrar Office is responsible for Mettu Street 1st Lane?

The Sembiam Sub Registrar Office is responsible for Mettu Street 1st Lane, located at 5, Papermills Road, Sembiam, Chennai - 600011.

What is the land classification for Mettu Street 1st Lane?

The land classification for Mettu Street 1st Lane is Residential Class II Type - I.