Guideline Value for Mettupalayam 1st Street

Mettupalayam 1st Street guideline value

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

How the guideline value of Mettupalayam 1st Street has changed

The guideline value for Mettupalayam 1st Street has undergone several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which decreased to Rs 804 per sq.ft in the 2017 revision. However, the value saw a significant increase to Rs 1,200 per sq.ft in 2023, followed by a further rise to Rs 1,300 per sq.ft in the 2024 revision, marking an 8% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2012 to 2024, there has been an 8% increase in the guideline value. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. The guideline value of Mettupalayam 1st Street is below this median.

• Mettuma Nagar: 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 Mettupalayam 1st Street

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. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mettupalayam 1st Street?

The Mettupalayam 1st Street is covered by 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 crucial factor during the registration of property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the transactions are documented at a fair value.

When buying or selling property, the guideline value affects the stamp duty and registration fees. Buyers should be aware that these fees are calculated based on the higher of the guideline value or the sale price of the property.

Frequently asked questions

What is the current guideline value of Mettupalayam 1st Street?

The current guideline value of Mettupalayam 1st Street 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, then increased to Rs 1,200 per sq.ft in 2023 and finally to Rs 1,300 per sq.ft in 2024.

What is the land classification of Mettupalayam 1st Street?

Mettupalayam 1st Street is classified as Residential Class III Type - I.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

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

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a plot valued at Rs 13,00,000, the stamp duty would be Rs 91,000 at 7%.