Guideline Value for Mettukuppam Road

Mettukuppam Road guideline value

The current guideline value of Mettukuppam Road is Rs 3,300 per sq.ft, effective from 1 July 2024. This road is located in Maduravoyal village under the Virugambakkam SRO, classified as Residential Class II Type - I.

How the guideline value of Mettukuppam Road has changed

The guideline value for Mettukuppam Road has seen several revisions over the years. In 2007, the value was Rs 600 per sq.ft, which increased significantly to Rs 3,000 per sq.ft in 2012, marking a 400% rise. However, it then decreased to Rs 2,010 per sq.ft in 2017, a drop of 33%. The value rebounded to Rs 3,000 per sq.ft in 2023, followed by a further increase to Rs 3,300 per sq.ft in 2024, representing a 10% increase from the previous year.

From 2017 to 2023, the value increased by 49%. Overall, from 2007 to 2024, the guideline value has risen by 450%. The register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO, with guideline values ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median value is Rs 3,050 per sq.ft, making Mettukuppam Road's 2024 figure above this median.

• Mettukuppam Gandhi street (Near Vel Nagar): Rs 2,750 per sq.ft (2024)
• Mettukuppam: Rs 2,750 per sq.ft (2024)
• Metro Nagar Extension: Rs 3,050 per sq.ft (2024)
• Metro Nagar Alapakkam Main Road: Rs 5,500 per sq.ft (2024)
• Metro Nagar 7th Main Road: Rs 3,050 per sq.ft (2024)
• Metro Nagar 6th Main Road: Rs 3,050 per sq.ft (2024)

Stamp duty and registration fee for property in Mettukuppam Road

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. 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 further calculations.

Which Sub Registrar Office covers Mettukuppam Road?

The Mettukuppam Road is covered by the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is used as a benchmark for property transactions in Maduravoyal. When buying or selling property, this value helps determine the applicable stamp duty and registration fees, ensuring compliance with local regulations.

During the registration process, the guideline value is compared with the sale price, and the higher of the two is used to calculate the stamp duty. This ensures that the transaction is fairly assessed for taxation purposes.

Frequently asked questions

What is the current guideline value of Mettukuppam Road?

The current guideline value of Mettukuppam Road is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 600 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, reflecting a total increase of 450% over this period.

What are the stamp duty and registration fees for properties in Mettukuppam Road?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which Sub Registrar Office handles Mettukuppam Road transactions?

The Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037, handles transactions for Mettukuppam Road.

What is the significance of the guideline value in property transactions?

The guideline value serves as a reference point for determining stamp duty and registration fees during property transactions, ensuring that the correct amounts are assessed for taxation.