Guideline Value for Mettu street

Mettu street guideline value

The current guideline value of Mettu street in Salamangalam village is Rs 400 per sq.ft, effective from 1 July 2024. This street falls under the Sriperumpudur SRO and is classified as Residential 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 earliest recorded figure is from 2007, where the guideline value was Rs 25 per sq.ft. This value increased dramatically to Rs 400 per sq.ft in 2012, marking a significant rise of 1500%. However, from 2012 to 2017, the value decreased to Rs 268 per sq.ft, a drop of 33%. The value then rose again to Rs 400 per sq.ft in 2023, with no change in the 2024 revision.

The 2024 revision maintains the guideline value at Rs 400 per sq.ft, which is the same as the 2023 figure, indicating no percentage change. The overall increase from the 2007 figure to the current 2024 figure is 1500%.

Guideline values in Salamangalam

In Salamangalam, there are 59 streets under the Sriperumpudur SRO that carry a 2024 guideline value ranging from Rs 200 to Rs 3,100 per sq.ft, with a median value of Rs 500 per sq.ft. Mettu street's current guideline value is below this median.

• Meenakshi Nagar: Rs 400 per sq.ft (2024)
• Muthamil Nagar: Rs 600 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 400 per sq.ft (2024)
• Om Sakthi Nagar: Rs 550 per sq.ft (2024)
• Padmavathy Nagar (Padmavathy Avenue): Rs 400 per sq.ft (2024)
• Kannan 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 guideline value of Rs 400 per sq.ft, the total guideline value amounts to Rs 4,00,000. The stamp duty is charged at 7%, resulting in Rs 28,000, and the registration fee at 2% amounts to Rs 8,000. Together, the total cost for stamp duty and registration fee is Rs 36,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the 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 Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Salamangalam. It serves as the basis for calculating stamp duty and registration fees, ensuring that both buyers and sellers are aware of the minimum value at which the property can be registered. This helps maintain transparency in the registration process.

When buying or selling property, it is essential to consider the guideline value as it impacts the overall cost of the transaction. Buyers should be prepared to pay stamp duty and registration fees based on this value, which can influence their budget and financial planning.

Frequently asked questions

What is the current guideline value of Mettu street?

The current guideline value of Mettu street is Rs 400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 25 per sq.ft in 2007 to Rs 400 per sq.ft in 2012, then dropping to Rs 268 per sq.ft in 2017, and finally returning to Rs 400 per sq.ft in 2023 and 2024.

What is the land classification for Mettu street?

Mettu street is classified as Residential Class I Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for property on Mettu street?

For a property valued at Rs 4,00,000, the stamp duty would be Rs 28,000 and the registration fee would be Rs 8,000, totaling Rs 36,000. These fees are based on the guideline value.

Which office handles registrations for Mettu street?

The Sriperumpudur Sub Registrar Office handles registrations for Mettu street, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.