Guideline Value for Mettu Street First Street

Mettu Street First Street guideline value

The current guideline value of Mettu Street First Street in Puzhal village, under the Redhills SRO, is Rs 1,650 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - I land classification.

How the guideline value of Mettu Street First Street has changed

The guideline value for Mettu Street First Street has undergone several revisions over the years. Starting from the 2002 revision, the value was Rs 1,371 per sq.ft. In 2003, it decreased to Rs 139 per sq.ft, followed by a significant increase to Rs 400 per sq.ft in 2007. The 2012 revision brought it back up to Rs 1,500 per sq.ft, but it dropped to Rs 1,005 per sq.ft in 2017. The value saw a notable increase to Rs 1,500 per sq.ft in 2023, before reaching the current rate of Rs 1,650 per sq.ft in 2024.

Overall, from the 2002 revision to the 2024 revision, the guideline value has increased by 20%. The changes between the revisions include a 90% decrease from 2002 to 2003, a 188% increase from 2003 to 2007, a 275% rise from 2007 to 2012, a 33% decrease from 2012 to 2017, and a 49% increase from 2017 to 2023, culminating in a 10% increase from 2023 to 2024.

Guideline values in Puzhal

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

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

For a 1,000 sq.ft plot at the current rate of Rs 1,650 per sq.ft, the guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be 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 higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Mettu Street First Street?

The Sub Registrar Office that covers Mettu Street First 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

The guideline value is a crucial factor when buying or selling property in Puzhal. It determines the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value as per the government regulations.

When registering a property, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Mettu Street First Street?

The current guideline value of Mettu Street First 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 several times, starting from Rs 1,371 per sq.ft in 2002, reaching Rs 1,650 per sq.ft in 2024, with various increases and decreases in between.

What is the registration office for Mettu Street First Street?

The Redhills Sub Registrar Office covers Mettu Street First Street, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is stamp duty calculated for properties in Mettu Street First Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the total stamp duty would be Rs 1,15,500 based on the current guideline value.

What are the guideline values for other streets in Puzhal?

Other streets in Puzhal have varying guideline values. For example, Mettu Street 2nd Street, Mettu Street 2nd Lane, Mettu Street Main Street, and Mettu 2nd Street all have a guideline value of Rs 1,650 per sq.ft in 2024.