Guideline Value for Mettu Street

Mettu Street guideline value

The current guideline value of Mettu Street in Puzhal village, under the Redhills SRO, is Rs 1,650 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - I land classification.

How the guideline value of Mettu Street has changed

The guideline value for Mettu Street has seen several revisions over the years. The earliest recorded figure is from 2002, which was Rs 1,253 per sq.ft. In 2003, it decreased to Rs 128 per sq.ft, marking a significant drop of 90%. The value then increased to Rs 400 per sq.ft in 2007, a rise of 213%. Following this, the 2012 revision brought the value back up to Rs 1,500 per sq.ft, reflecting a substantial increase of 275%. However, the 2017 revision saw a decrease to Rs 1,005 per sq.ft, a drop of 33%. The value then rose to Rs 1,500 per sq.ft in 2023, followed by the latest revision in 2024, which set the value at Rs 1,650 per sq.ft, an increase of 10%.

Overall, from 2002 to 2024, the guideline value for Mettu Street has increased by 32%. There are no figures available for the revisions in years not listed above.

Guideline values in Puzhal

Puzhal village has a total of 270 streets under the Redhills SRO, with guideline values ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value in this area is Rs 1,102 per sq.ft, placing Mettu Street's 2024 figure above this median.

• Mettu Street 2nd Lane: Rs 1,650 per sq.ft (2024)
• Mettu Street 2nd Street: Rs 1,650 per sq.ft (2024)
• Mettu Street First Street: Rs 1,650 per sq.ft (2024)
• Mettu Street Main Street: Rs 1,650 per sq.ft (2024)
• Mettu 2nd Street: Rs 1,650 per sq.ft (2024)
• Mercy Nagar: Rs 1,100 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 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total fees to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information on calculating fees, 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 Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Puzhal. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two values is used to calculate the applicable stamp duty and registration fees. This ensures that the transaction is fairly assessed based on the established guideline values.

Frequently asked questions

What is the current guideline value of Mettu Street?

The current guideline value of Mettu Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 1,253 per sq.ft in 2002 to Rs 1,650 per sq.ft in 2024, reflecting an overall increase of 32% over this period.

What is the registration office for Mettu Street?

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

What are the stamp duty and registration fees for Mettu Street?

For a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 and the registration fee would be Rs 33,000, totaling Rs 1,48,500.

How is the guideline value determined?

The guideline value is determined by the Registration Department and is based on various factors, including the location and classification of the land. It is revised periodically to reflect market conditions.