Guideline Value for Mettu Street

Mettu Street guideline value

The current guideline value of Mettu Street in Panchetty village is Rs 1,000 per sq.ft, effective from 1 July 2024. This street falls under the Redhills SRO and is classified as Commercial Class I Type - I.

How the guideline value of Mettu Street has changed

Over the years, the guideline value of Mettu Street has seen several revisions. The 2007 revision set the value at Rs 700 per sq.ft, which increased to Rs 1,000 per sq.ft in the 2012 revision. However, in the 2017 revision, the value dropped to Rs 670 per sq.ft. The 2023 revision brought it back to Rs 1,000 per sq.ft, and this value remained unchanged in the 2024 revision.

From 2017 to 2023, there was a significant increase of 49%. The overall change from the 2007 revision to the current 2024 figure reflects a 43% increase. It is important to note that the register has no figures for Mettu Street for the years 2002 and 2003.

Guideline values in Panchetty

Panchetty village has a total of 46 streets under the Redhills SRO, with guideline values ranging from Rs 300 to Rs 1,600 per sq.ft. The median value is Rs 1,000 per sq.ft, making Mettu Street's 2024 figure equal to this median.

• Mariyamman Koil Street: Rs 1,000 per sq.ft (2024)
• Nehru Street: Rs 1,000 per sq.ft (2024)
• Neudvarambakkam Salai: Rs 1,000 per sq.ft (2024)
• Kkn Garden: Rs 670 per sq.ft (2024)
• Perumal Koil Street: Rs 1,000 per sq.ft (2024)
• Pillaiyar Koil Street: Rs 400 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 1,000 per sq.ft, the total guideline value amounts to Rs 10,00,000. The stamp duty at 7% would be Rs 70,000, and the registration fee at 2% would be Rs 20,000, resulting in a total of Rs 90,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mettu Street?

The Sub Registrar Office that covers Mettu Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Panchetty. It serves as a benchmark for determining the minimum price at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during property transactions.

When a property is sold, the guideline value helps in calculating the stamp duty and registration fees. These costs are based on the guideline value or the sale price, whichever is higher, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Mettu Street?

The current guideline value of Mettu Street is Rs 1,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times, with the most recent revisions being Rs 1,000 per sq.ft in 2023 and 2024, and Rs 670 per sq.ft in 2017.

What is the land classification for Mettu Street?

Mettu Street is classified as Commercial Class I Type - I, indicating its commercial usage potential.

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

The Sub Registrar Office for Mettu Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

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 property valued at Rs 10,00,000 would incur a stamp duty of Rs 70,000 at 7%.