Guideline Value for Mettukazhani Street 1st Lane

Mettukazhani Street 1st Lane guideline value

The current guideline value of Mettukazhani Street 1st Lane is Rs 3,900 per sq.ft, effective from 1 July 2024. This street is located in Adambakkam village under the Alandur SRO, classified as Residential Class I Type - III.

How the guideline value of Mettukazhani Street 1st Lane has changed

The guideline value of Mettukazhani Street 1st Lane has seen several revisions over the years. In 2002, the guideline value was Rs 250 per sq.ft, which increased to Rs 285 per sq.ft in 2003. Following this, there was a significant rise to Rs 900 per sq.ft in 2007, and then a substantial jump to Rs 3,500 per sq.ft in 2012. However, it decreased to Rs 2,345 per sq.ft in 2017. The value then rose to Rs 3,500 per sq.ft in 2023, before reaching the current figure of Rs 3,900 per sq.ft in 2024.

Between the revisions, the changes are noteworthy. From 2002 to 2003, the increase was +14%. The value surged by +216% from 2003 to 2007. The jump from 2007 to 2012 was +289%, but it fell by -33% from 2012 to 2017. The value then increased by +49% from 2017 to 2023, and the latest revision from 2023 to 2024 shows an increase of +11%. Overall, from 2002 to 2024, the guideline value has increased by +1460%.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO that carry a 2024 guideline value ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median value is Rs 3,900 per sq.ft, which is equal to the guideline value of Mettukazhani Street 1st Lane.

• MettuKazhani Street: Rs 3,900 per sq.ft (2024)
• Mettukazhani Cross Street: Rs 3,900 per sq.ft (2024)
• Mettu Kazhani 2nd Lane: Rs 3,900 per sq.ft (2024)
• Medavakkam South New Lane: Rs 5,000 per sq.ft (2024)
• Medavakkam Main Road: Rs 5,500 per sq.ft (2024)
• Medavakkam First Lane: Rs 5,000 per sq.ft (2024)

Stamp duty and registration fee for property in Mettukazhani Street 1st Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value would be Rs 39,00,000. The stamp duty at 7% would amount to Rs 2,73,000, and the registration fee at 2% would be Rs 78,000. Together, these fees would total Rs 3,51,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mettukazhani Street 1st Lane?

The Sub Registrar Office that covers Mettukazhani Street 1st Lane is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. To find your SRO, you can visit find your SRO.

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

The guideline value is an essential factor when buying or selling property in Adambakkam, as it determines the minimum value at which a property can be registered. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

When a buyer and seller agree on a sale price, the stamp duty and registration fees will be calculated based on the higher of the guideline value or the agreed sale price. This ensures that the transaction is recorded accurately and complies with local regulations.

Frequently asked questions

What is the current guideline value of Mettukazhani Street 1st Lane?

The current guideline value of Mettukazhani Street 1st Lane is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, starting from Rs 250 per sq.ft in 2002 and reaching Rs 3,900 per sq.ft in 2024. There have been various increases and decreases throughout the years, with the most recent increase being +11% from 2023 to 2024.

What is the registration office for Mettukazhani Street 1st Lane?

The registration office for Mettukazhani Street 1st Lane is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is stamp duty calculated for properties in Mettukazhani Street 1st Lane?

Stamp duty for properties in Mettukazhani Street 1st Lane is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.

What are the guideline values of other streets in Adambakkam?

Other streets in Adambakkam have varying guideline values, with figures ranging from Rs 2,800 to Rs 11,000 per sq.ft. Notably, MettuKazhani Street, Mettukazhani Cross Street, and Mettu Kazhani 2nd Lane all share the same guideline value of Rs 3,900 per sq.ft in 2024.