Guideline Value for Mettu Street

Mettu Street guideline value

The current guideline value of Mettu Street in Selavoyal village, under the Madhavaram SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class II 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 1,800 per sq.ft, which then changed to Rs 1,340 per sq.ft in 2017, marking a decline of 26%. However, from 2017 to 2023, the value increased significantly to Rs 2,000 per sq.ft, a rise of 49%. The most recent revision in 2024 raised the value to Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for the years 2002, 2003, and 2007 in the register for Mettu Street. Overall, from 2012 to 2024, the guideline value has increased by 22%.

Guideline values in Selavoyal

In Selavoyal, there are 170 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,900 to Rs 3,300 per sq.ft. The median value is Rs 2,200 per sq.ft, which is the same as the current guideline value for Mettu Street.

• Milk Colony Road / Palpannai Road: Rs 2,200 per sq.ft (2024)
• M.R. Dharmalingam Salai: Rs 1,900 per sq.ft (2024)
• Munusamy Street: Rs 1,900 per sq.ft (2024)
• Manali High Road: Rs 2,200 per sq.ft (2024)
• Narayanasamy Garden 10th Street: Rs 2,200 per sq.ft (2024)
• Narayanasamy Garden 1st Cross Street: Rs 2,200 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 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees together to Rs 1,98,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can calculate your specific fees using our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mettu Street?

The Sub Registrar Office that covers Mettu Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Selavoyal. It serves as a benchmark for determining the minimum value of a property, ensuring that transactions are recorded at a fair value as per government regulations.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers must be aware that these fees are based on the guideline value or the sale price, whichever is higher, to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Mettu Street?

The current guideline value of Mettu Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2012, the guideline value has changed from Rs 1,800 per sq.ft to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 22% over this period.

What is the land classification for Mettu Street?

Mettu Street is classified as Residential Class II Type - I, which indicates its designation for residential use.

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

The Madhavaram Sub Registrar Office, which covers Mettu Street, is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How are stamp duty and registration fees calculated for properties in Mettu Street?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2%. For example, a 1,000 sq.ft plot at the current rate incurs total fees of Rs 1,98,000.