Guideline Value for Mettu Street

Mettu Street guideline value

The current guideline value of Mettu Street in Seemapuram village is Rs 220 per sq.ft, effective from 1 July 2024. This street falls under the Redhills SRO and is classified as Residential Class I Type - I.

How the guideline value of Mettu Street has changed

The guideline value of Mettu Street has undergone several revisions over the years. In the 2007 revision, the value was set at Rs 100 per sq.ft, which increased significantly to Rs 200 per sq.ft in 2012, marking a 100% rise. However, in the 2017 revision, the value dropped to Rs 134 per sq.ft, a decrease of 33%. The 2023 revision saw a substantial increase to Rs 200 per sq.ft, followed by a further rise to Rs 220 per sq.ft in 2024, representing a 10% increase.

Overall, from the 2007 revision to the current 2024 figure, the guideline value has increased by 120%. Notably, there are no figures available for Mettu Street in the 2002 and 2003 revisions.

Guideline values in Seemapuram

In Seemapuram, there are 13 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 110 to Rs 1,600 per sq.ft. The median value is Rs 220 per sq.ft, which is the same as the guideline value for Mettu Street.

• Mother Therasa Garden: Rs 1,600 per sq.ft (2024)
• Kurukku Street: Rs 220 per sq.ft (2024)
• Kinaru Street: Rs 220 per sq.ft (2024)
• Kavarai Street: Rs 220 per sq.ft (2024)
• Perumal Koil Street: Rs 220 per sq.ft (2024)
• Perumal Koil Street (Seemapuram Colony): Rs 110 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 220 per sq.ft, the guideline value amounts to Rs 2,20,000. The stamp duty at 7% would be Rs 15,400, and the registration fee at 2% would be Rs 4,400, totaling Rs 19,800. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can also use the stamp duty and registration fee calculator for more information.

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 further assistance.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Seemapuram. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that both buyers and sellers are aware of the official property value recognized by the government.

When a property transaction occurs, the guideline value helps in determining the applicable fees, which are calculated based on this value or the sale price, whichever is higher. This ensures transparency and consistency in property transactions within the region.

Frequently asked questions

What is the current guideline value of Mettu Street?

The current guideline value of Mettu Street is Rs 220 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 100 per sq.ft in 2007 to Rs 220 per sq.ft in 2024, reflecting an overall increase of 120% over the years.

What is the registration office for Mettu Street?

The registration 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 at 7% of the guideline value or the sale price, whichever is higher. For Mettu Street, the current guideline value is Rs 2,20,000.

What other streets have guideline values in Seemapuram?

Other streets in Seemapuram include Mother Therasa Garden, Kurukku Street, Kinaru Street, Kavarai Street, and Perumal Koil Street, each with varying guideline values.