Guideline Value for Mettu Street

Mettu Street guideline value

The current guideline value of Mettu Street in Azhinchivakkam village is Rs 330 per sq.ft, effective from 1 July 2024. This street falls under the Redhills SRO and is classified as Residential Class II Type - I.

How the guideline value of Mettu Street has changed

The guideline value for Mettu Street has seen several revisions over the years. In 2003, the value was Rs 32 per sq.ft, which increased significantly to Rs 100 per sq.ft in 2007, marking a 213% rise. By 2012, the value reached Rs 300 per sq.ft, but this represented a decrease of 33% from the previous revision. The 2017 revision set the value at Rs 201 per sq.ft, followed by a substantial increase to Rs 300 per sq.ft in 2023, and finally to Rs 330 per sq.ft in 2024, reflecting a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 931%. It is important to note that the register has no figure for Mettu Street in 2002.

Guideline values in Azhinchivakkam

In Azhinchivakkam, there are five streets under the Redhills SRO that carry a 2024 guideline value, ranging from Rs 330 to Rs 550 per sq.ft. The median guideline value for these streets is Rs 440 per sq.ft, placing Mettu Street's 2024 value below that median.

• Kanaga Durga Nagar: Rs 440 per sq.ft (2024)
• Pillayar Koil Street: Rs 330 per sq.ft (2024)
• Selva Vinayagar Nagar Annex-1: Rs 440 per sq.ft (2024)
• Sri Selva Vinayagar Nagar: Rs 550 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 330 per sq.ft, the guideline value totals Rs 3,30,000. The stamp duty at 7% would be Rs 23,100, and the registration fee at 2% would be Rs 6,600, making the total cost for these fees Rs 29,700. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mettu Street?

Mettu Street is covered by the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. To find your SRO, you can visit find your SRO.

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

The guideline value is an important factor when registering property transactions in Azhinchivakkam. It serves as a benchmark for calculating the stamp duty and registration fees that are applicable during the sale or purchase of a property.

When a property is sold, the guideline value may influence the final sale price, as it is used to determine the financial obligations of both the buyer and the seller. It is essential for buyers and sellers to be aware of the current guideline values to ensure compliance with registration requirements.

Frequently asked questions

What is the current guideline value of Mettu Street?

The current guideline value of Mettu Street is Rs 330 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 32 per sq.ft in 2003 to Rs 330 per sq.ft in 2024, reflecting an overall increase of 931% over the years.

What are the other streets in Azhinchivakkam with guideline values?

Other streets in Azhinchivakkam include Kanaga Durga Nagar at Rs 440 per sq.ft, Pillayar Koil Street at Rs 330 per sq.ft, Selva Vinayagar Nagar Annex-1 at Rs 440 per sq.ft, and Sri Selva Vinayagar Nagar at Rs 550 per sq.ft.

How is stamp duty calculated for properties in Mettu Street?

Stamp duty for properties in Mettu Street is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 330 per sq.ft incurs a total stamp duty and registration fee of Rs 29,700.

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

The Sub Registrar Office covering Mettu Street is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find more information by visiting the provided link.