Guideline Value for Mettu Street

Mettu Street guideline value

The current guideline value of Mettu Street is Rs 4,950 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO. The land classification for this area is 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 2002, the value was Rs 306 per sq.ft, which increased to Rs 345 per sq.ft in 2003. The value continued to rise significantly to Rs 1,500 per sq.ft in 2007, marking a 335% increase from the previous revision. However, in 2012, it decreased to Rs 4,500 per sq.ft, showing a decline of 33% from 2017. The value then rose to Rs 3,015 per sq.ft in 2017, reflecting a 49% increase from the 2012 revision. The latest revision in 2023 set the value at Rs 4,500 per sq.ft, which increased by 10% to the current rate of Rs 4,950 per sq.ft in 2024.

There are no figures available for the revisions in the years not listed in the register. Thus, the only revisions that apply to Mettu Street are those mentioned above.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, placing Mettu Street's 2024 figure above that median.

• Mettupalayam New Street: Rs 3,850 per sq.ft (2024)
• M.G.R. Nagar: Rs 3,850 per sq.ft (2024)
• M.G.R. Nagar 10th Main Road: Rs 3,850 per sq.ft (2024)
• M.G.R. Nagar 10th Street: Rs 3,850 per sq.ft (2024)
• M.G.R. Nagar 11th Main Road: Rs 3,850 per sq.ft (2024)
• M.G.R. Nagar 11th Street: Rs 3,850 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, the total value would be Rs 49,50,000. The stamp duty at 7% would amount to Rs 3,46,500, while the registration fee at 2% would be Rs 99,000. Together, the total cost for stamp duty and registration would be Rs 4,45,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more information, 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 Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process of property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the legal and financial implications of the transaction. It is essential for buyers to be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Mettu Street?

The current guideline value of Mettu Street is Rs 4,950 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 306 per sq.ft in 2002 to Rs 4,950 per sq.ft in 2024, reflecting an overall increase of 1518% over the years.

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

For a 1,000 sq.ft property at the current guideline value, the total stamp duty is Rs 3,46,500 and the registration fee is Rs 99,000, totaling Rs 4,45,500.

Which Sub Registrar Office covers Mettu Street?

The Velacheri Sub Registrar Office covers Mettu Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Mettu Street?

The land classification for Mettu Street is Residential Class II Type - I, which defines the type of development allowed in this area.