Guideline Value for Mettuma Nagar

Mettuma Nagar guideline value

The current guideline value of Mettuma Nagar, located in Madhavaram village under the Madhavaram SRO, is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class III Type - I.

How the guideline value of Mettuma Nagar has changed

The guideline value for Mettuma Nagar has seen several revisions over the years. In 2012, the guideline value was set at Rs 1,200 per sq.ft. This figure decreased to Rs 804 per sq.ft in the 2017 revision, marking a significant drop of 33%. However, the latest revision in 2024 has increased the guideline value to Rs 1,300 per sq.ft, representing a 62% rise from the 2017 figure.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 8%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2023 for this street.

Guideline values in Madhavaram

In Madhavaram village, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, placing Mettuma Nagar's 2024 figure below this median.

• Mettupalayam 1st Street: Rs 1,300 per sq.ft (2024)
• Mettupalayam 2nd Street: Rs 1,300 per sq.ft (2024)
• Mettupalayam 3rd Street: Rs 1,300 per sq.ft (2024)
• Mettupalayam 4th Street: Rs 1,300 per sq.ft (2024)
• Mettupalayam 5th Street: Rs 1,300 per sq.ft (2024)
• Mettupalayam Reddy Street: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Mettuma Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total charges to Rs 1,17,000. It is important to note that the stamp 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 Mettuma Nagar?

The Sub Registrar Office covering Mettuma Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Madhavaram. It serves as the basis for calculating stamp duty and registration fees, which are mandatory costs associated with property transactions.

When a property is sold, the guideline value helps determine the official value of the property for registration purposes. This ensures that the government receives the appropriate fees based on the established guideline value.

Frequently asked questions

What is the current guideline value of Mettuma Nagar?

The current guideline value of Mettuma Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, and then increased to Rs 1,300 per sq.ft in 2024. Overall, there has been an 8% increase in the guideline value from 2012 to 2024.

What is the classification of land in Mettuma Nagar?

Mettuma Nagar is classified as Residential Class III Type - I, which indicates the type of development and usage permitted in the area.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the guideline value. For example, for a 1,000 sq.ft plot, the total charges would amount to Rs 1,17,000.

Where can I find the Sub Registrar Office for Mettuma Nagar?

The Sub Registrar Office for Mettuma Nagar is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles all registrations in the area.