Guideline Value for Mettu Street Lane

Mettu Street Lane guideline value

The current guideline value of Mettu Street Lane in Ayanavaram village, under the AnnaNagar SRO, is Rs 3,800 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - III land classification.

How the guideline value of Mettu Street Lane has changed

The guideline value for Mettu Street Lane has undergone several revisions over the years. In 2002, the value was Rs 504 per sq.ft. This figure increased significantly to Rs 1,200 per sq.ft in 2007, marking a rise of 138%. The value then saw a substantial increase to Rs 3,500 per sq.ft in 2012, which was a 192% jump. However, between 2012 and 2017, the value decreased to Rs 2,345 per sq.ft, reflecting a decline of 33%. From 2017 to 2023, the guideline value rose to Rs 3,500 per sq.ft, a notable increase of 49%. The most recent revision in 2024 set the value at Rs 3,800 per sq.ft, representing a 9% increase from the previous year.

It is important to note that there is no figure available for the year 2003 in the register for Mettu Street Lane.

Guideline values in Ayanavaram

Ayanavaram has a total of 369 streets under the AnnaNagar SRO that carry a 2024 guideline value, ranging from Rs 2,700 to Rs 20,000 per sq.ft. The median guideline value for these streets is Rs 4,900 per sq.ft, which means that Mettu Street Lane's 2024 figure is below this median.

• Mettu Street: Rs 5,500 per sq.ft (2024)
• M.G.R. Street, Chennai 82: Rs 4,400 per sq.ft (2024)
• M.G.R. Street, Chennai 82 (Venkatesa Nagar): Rs 4,400 per sq.ft (2024)
• Medavakkam Tank Road: Rs 6,600 per sq.ft (2024)
• M Block 9th Street: Rs 11,000 per sq.ft (2024)
• Moorthy Raja Street, Chennai 82: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Mettu Street Lane

For a 1,000 sq.ft plot at the current rate of Rs 3,800 per sq.ft, the guideline value would be Rs 38,00,000. The stamp duty at 7% would amount to Rs 2,66,000, and the registration fee at 2% would be Rs 76,000, bringing the total to Rs 3,42,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mettu Street Lane?

The Sub Registrar Office that covers Mettu Street Lane is the AnnaNagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration process when buying or selling property in Ayanavaram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid. Buyers and sellers must ensure that the property is registered at or above the guideline value to comply with legal requirements.

When a property is sold, the guideline value helps in assessing the transaction's legitimacy and ensuring that the appropriate taxes are collected. This process helps maintain transparency in property transactions and ensures that the government receives its due revenue.

Frequently asked questions

What is the current guideline value of Mettu Street Lane?

The current guideline value of Mettu Street Lane is Rs 3,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 504 per sq.ft in 2002 to Rs 3,800 per sq.ft in 2024, reflecting an overall increase of 654% over the years.

What is the median guideline value for streets in Ayanavaram?

The median guideline value for streets in Ayanavaram is Rs 4,900 per sq.ft, which is higher than the current value of Mettu Street Lane.

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

For a property valued at Rs 38,00,000, the stamp duty would be Rs 2,66,000, and the registration fee would be Rs 76,000, totaling Rs 3,42,000.

Which office handles the registration for Mettu Street Lane?

The AnnaNagar Sub Registrar Office handles the registration for Mettu Street Lane, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.