Guideline Value for Mettu Street

Mettu Street guideline value

The current guideline value of Mettu Street in Nemili village is Rs 210 per sq.ft, effective from the 2024 revision. This street falls under the Sriperumpudur SRO and is classified as Residential Class III Type - I.

How the guideline value of Mettu Street has changed

The guideline value for Mettu Street has undergone several revisions over the years. The 2012 revision set the value at Rs 200 per sq.ft, which was then reduced to Rs 134 per sq.ft in the 2017 revision. Following this, the value increased to Rs 200 per sq.ft in the 2023 revision, and currently, it stands at Rs 210 per sq.ft from the 2024 revision, marking a 5% increase from the previous year. The register has no figures for the years 2002, 2003, and 2007.

From 2017 to 2023, there was a significant increase of 49%. Overall, comparing the 2012 revision to the current 2024 figure, there has been a modest increase of 5%.

Guideline values in Nemili

In Nemili, there are 66 streets under the Sriperumpudur SRO that have a guideline value for 2024, ranging from Rs 150 to Rs 1,000 per sq.ft. The median guideline value for these streets is Rs 250 per sq.ft, placing Mettu Street's 2024 figure below this median.

• Marthamman Koil Street: Rs 210 per sq.ft (2024)
• Marshal Share: Rs 300 per sq.ft (2024)
• Mookambigai Nagar: Rs 250 per sq.ft (2024)
• Murugan Koil Street: Rs 210 per sq.ft (2024)
• Manasa Devi Nagar: Rs 250 per sq.ft (2024)
• Nadu Street: Rs 210 per sq.ft (2024)

Stamp duty and registration fee for property in Mettu Street

For a 1,000 sq.ft plot at the current guideline value of Rs 210 per sq.ft, the total guideline value would be Rs 2,10,000. The stamp duty at 7% would amount to Rs 14,700, while the registration fee at 2% would be Rs 4,200, making the total charges Rs 18,900. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Mettu Street?

Mettu Street is covered by the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial figure used during the registration of property transactions in Nemili. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that both buyers and sellers have a clear understanding of the financial obligations involved in the transaction.

When a property is sold, the buyer must pay the stamp duty based on the higher value between the guideline value and the sale price. This process helps maintain transparency and fairness in property dealings, as it ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Mettu Street?

The current guideline value for Mettu Street is Rs 210 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 200 per sq.ft in 2012 to Rs 134 per sq.ft in 2017, then increased to Rs 200 per sq.ft in 2023, and is currently Rs 210 per sq.ft in 2024.

What is the land classification of Mettu Street?

Mettu Street is classified as Residential Class III Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for Mettu Street?

The Sub Registrar Office covering Mettu Street is located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.

How is stamp duty calculated for property in Mettu Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 2,10,000 would incur a stamp duty of Rs 14,700 at a rate of 7%.