Guideline Value for Mettu Street Main Street

Mettu Street Main Street guideline value

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

How the guideline value of Mettu Street Main Street has changed

The guideline value for Mettu Street Main Street has seen several revisions since 2007. The 2007 revision set the value at Rs 400 per sq.ft, which increased significantly to Rs 1,500 per sq.ft in 2012. However, there was a decrease in the value to Rs 1,005 per sq.ft in 2017. The subsequent revisions saw a rise to Rs 1,500 per sq.ft in 2023, followed by the latest revision in 2024, which established the current value at Rs 1,650 per sq.ft. The changes between these revisions include a 275% increase from 2007 to 2012, a 33% decrease from 2012 to 2017, a 49% increase from 2017 to 2023, and a 10% increase from 2023 to 2024.

It is important to note that the register does not have figures for Mettu Street Main Street for the years 2002 and 2003.

Guideline values in Puzhal

In Puzhal, there are 270 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft, with a median value of Rs 1,102 per sq.ft. The guideline value of Mettu Street Main Street is above this median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total 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, bringing the total fees to 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.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mettu Street Main Street?

The Mettu Street Main Street falls under the jurisdiction of 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 during the registration of property transactions in Puzhal. It serves as a benchmark for determining the applicable stamp duty and registration fees, ensuring that these costs are calculated based on the official valuation set by the Registration Department.

When buying or selling property, it is essential to consider the guideline value, as it influences the overall financial obligations during the registration process. Buyers should be aware that the guideline value may differ from the actual sale price, and the higher amount will be used for calculating duties.

Frequently asked questions

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

The current guideline value of Mettu Street Main 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 from Rs 400 per sq.ft in 2007 to Rs 1,650 per sq.ft in 2024, reflecting an overall increase of 313% over the years.

What are the stamp duty and registration fees for properties in Mettu Street Main Street?

For a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 and the registration fee would be Rs 33,000, totaling Rs 1,48,500.

Which Sub Registrar Office covers Mettu Street Main Street?

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

What is the land classification of Mettu Street Main Street?

Mettu Street Main Street is classified as Residential Class I Type - I, indicating its designation for residential use.