Guideline Value for Mettu Street

Mettu Street guideline value

The current guideline value of Mettu Street in Palnalloor village is Rs 175 per sq.ft, effective from 1 July 2024. This street falls under the Sunguvarchattram SRO and is classified as Residential Class III Type - I.

How the guideline value of Mettu Street has changed

Over the years, the guideline value of Mettu Street has undergone several revisions. The 2012 revision set the value at Rs 175 per sq.ft, which remained unchanged in the subsequent 2017 revision. However, in 2017, the value was adjusted to Rs 117 per sq.ft, marking a decrease of 33%. Following this, the 2023 revision brought the value back to Rs 175 per sq.ft, and the latest 2024 revision maintained this figure with no change from the previous year.

From 2017 to 2023, there was a significant increase of 50% in the guideline value. Overall, comparing the 2012 revision to the 2024 revision, the guideline value has remained stable, showing an overall change of 0% during this period. It is important to note that the register has no figure for Mettu Street for the years 2002, 2003, and 2007.

Guideline values in Palnalloor

In Palnalloor, there are 34 streets under the Sunguvarchattram SRO that carry a 2024 guideline value ranging from Rs 175 to Rs 471 per sq.ft, with a median value of Rs 200 per sq.ft. Mettu Street's current guideline value of Rs 175 per sq.ft is below this median.

• Mathakovil Street: Rs 175 per sq.ft (2024)
• Maruthi Nagar: Rs 200 per sq.ft (2024)
• Moorthi Nagar: Rs 200 per sq.ft (2024)
• MahaGanapathy Street: Rs 250 per sq.ft (2024)
• Madurai Meenakshi Nagar: Rs 200 per sq.ft (2024)
• New Tank Street: Rs 175 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 175 per sq.ft, the total guideline value amounts to Rs 1,75,000. The stamp duty at 7% would be Rs 12,250, and the registration fee at 2% would be Rs 3,500, bringing the total cost to Rs 15,750. 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?

The Sub Registrar Office that covers Mettu Street is the Sunguvarchattram Sub Registrar Office, located at Vadivamal Nagar Kandigai Road Caparo Company Opp, Sunguvarchatram, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Palnalloor. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on a standardized valuation rather than individual sale prices.

When buying or selling property, the guideline value helps in determining the legal and financial obligations involved in the transaction. Buyers and sellers must be aware of the current guideline value to accurately assess the costs associated with the registration process.

Frequently asked questions

What is the current guideline value of Mettu Street?

The current guideline value of Mettu Street is Rs 175 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value of Mettu Street has remained at Rs 175 per sq.ft in the 2023 and 2024 revisions. There was a decrease to Rs 117 per sq.ft in 2017, followed by an increase back to Rs 175 per sq.ft in 2023.

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 for Mettu Street is located at Vadivamal Nagar Kandigai Road Caparo Company Opp, Sunguvarchatram, Chengalpattu registration zone.

How is stamp duty calculated for property in Mettu Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 175 per sq.ft, the total guideline value would be Rs 1,75,000, leading to a stamp duty of Rs 12,250.