Guideline Value for Mettu Street

Mettu Street guideline value

The current guideline value of Mettu Street in Moulivakkam village, under the Kunrathur SRO, is Rs 2,450 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - I.

How the guideline value of Mettu Street has changed

Starting from the revisions, the guideline value for Mettu Street was Rs 1,000 per sq.ft in 2007. It increased significantly to Rs 2,200 per sq.ft in 2012, marking a rise of 120%. However, from 2012 to 2017, the value saw a decrease to Rs 1,474 per sq.ft, a drop of 33%. The value then rose again to Rs 2,200 per sq.ft in 2023, which represented a 49% increase. The most recent revision in 2024 set the guideline value at Rs 2,450 per sq.ft, reflecting an 11% increase from the previous year.

The register has no figures for Mettu Street for the years 2002 and 2003.

Guideline values in Moulivakkam

In Moulivakkam, there are 44 streets under the Kunrathur SRO that carry a 2024 guideline value, ranging from Rs 2,000 to Rs 3,900 per sq.ft. The median value is Rs 2,450 per sq.ft, which is equal to the guideline value of Mettu Street.

• Mawlieswarar Nagar: Rs 2,650 per sq.ft (2024)
• Mangadu Road: Rs 2,650 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 2,450 per sq.ft (2024)
• Madha Nagar: Rs 2,650 per sq.ft (2024)
• L.T. Avenue: Rs 2,650 per sq.ft (2024)
• Lakshmi Nagar: Rs 2,650 per sq.ft (2024)

Stamp duty and registration fee for property in Mettu Street

For a 1,000 sq.ft plot at the current rate of Rs 2,450 per sq.ft, the guideline value amounts to Rs 24,50,000. The stamp duty at 7% would be Rs 1,71,500, and the registration fee at 2% would be Rs 49,000, totaling Rs 2,20,500. It is important to note that duty is charged on the higher of the guideline value or the sale price. For further calculations, 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 Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Moulivakkam. It establishes a baseline for calculating stamp duty and registration fees, ensuring that these costs are based on a standardized value set by the government.

When buying or selling property, the guideline value helps both parties understand the minimum value recognized by the registration authorities. This ensures that the transaction is recorded accurately and legally, reflecting the value of the property as per the latest revisions.

Frequently asked questions

What is the current guideline value of Mettu Street?

The current guideline value of Mettu Street is Rs 2,450 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2007 to Rs 2,450 per sq.ft in 2024, showing an overall increase of 145% over this period.

What is the land classification for Mettu Street?

The land classification for Mettu Street is Residential Special Type - I, indicating its designated use for residential purposes.

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

The Sub Registrar Office for Mettu Street is located at No.59, Road Street, Kundrathur, Chennai -600 069.

How is stamp duty calculated for properties in Mettu Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a stamp duty of Rs 1,71,500.