Guideline Value for Mettu Street 2nd Street

Mettu Street 2nd Street guideline value

The current guideline value of Mettu Street 2nd Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Puzhal village, under the Redhills SRO, and is classified as Residential Class I Type - I.

How the guideline value of Mettu Street 2nd Street has changed

The guideline value for Mettu Street 2nd Street has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 1,371 per sq.ft, which then decreased to Rs 139 per sq.ft in 2003. The value increased significantly to Rs 400 per sq.ft in 2007, followed by a substantial rise to Rs 1,500 per sq.ft in 2012. However, it dropped to Rs 1,005 per sq.ft in 2017 before increasing again to Rs 1,500 per sq.ft in 2023. The latest revision in 2024 has set the value at Rs 1,650 per sq.ft, marking a 10% increase from the previous year.

In summary, the changes between revisions are as follows: from 2002 to 2003, the value decreased by 90%; from 2003 to 2007, it increased by 188%; from 2007 to 2012, it rose by 275%; from 2012 to 2017, it decreased by 33%; and from 2017 to 2023, it increased by 49%. Overall, from 2002 to 2024, the guideline value has increased by 20%.

Guideline values in Puzhal

Puzhal village has a total of 270 streets under the Redhills SRO, with guideline values ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value in this area is Rs 1,102 per sq.ft, making the 2024 figure for Mettu Street 2nd Street above this median.

• Mettu Street 2nd Lane: Rs 1,650 per sq.ft (2024)
• Mettu Street First Street: Rs 1,650 per sq.ft (2024)
• Mettu Street Main Street: Rs 1,650 per sq.ft (2024)
• Mettu Street: Rs 1,650 per sq.ft (2024)
• Mettu 2nd Street: Rs 1,650 per sq.ft (2024)
• Mercy Nagar: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Mettu Street 2nd Street

For a 1,000 sq.ft plot at the current rate, the guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, totaling Rs 1,48,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Mettu Street 2nd Street?

The Sub Registrar Office that covers Mettu Street 2nd Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

When buying or selling property in Puzhal, the guideline value plays a crucial role during the registration process. The guideline value is used to determine the amount of stamp duty and registration fees that need to be paid, ensuring that these costs are calculated based on a standardized property value.

It is essential for buyers and sellers to be aware of the current guideline value, as this will impact the overall costs involved in a property transaction. The registration department uses the guideline value to maintain transparency and consistency in property transactions.

Frequently asked questions

What is the current guideline value of Mettu Street 2nd Street?

The current guideline value of Mettu Street 2nd Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times, starting from Rs 1,371 per sq.ft in 2002 to Rs 1,650 per sq.ft in 2024, with various increases and decreases in between.

What is the registration fee for a property in Mettu Street 2nd Street?

The registration fee for a property in Mettu Street 2nd Street is 2% of the guideline value or the sale price, whichever is higher.

What is the role of the Sub Registrar Office in property transactions?

The Sub Registrar Office is responsible for registering property transactions and determining the applicable stamp duty and registration fees based on the guideline value.

Where can I find more information about the guideline values in Puzhal?

More information about the guideline values in Puzhal can be found through the Registration Department's guideline value register or by visiting the Redhills Sub Registrar Office.