Guideline Value for Mettupalayam 2nd Street

Mettupalayam 2nd Street guideline value

The current guideline value of Mettupalayam 2nd Street is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village under the Madhavaram SRO, classified as Residential Class III Type - I.

How the guideline value of Mettupalayam 2nd Street has changed

The guideline value for Mettupalayam 2nd Street has seen several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which was a decrease of 33% from the 2017 revision of Rs 804 per sq.ft. The 2023 revision raised the value to Rs 1,200 per sq.ft, and the most recent 2024 revision increased it to Rs 1,300 per sq.ft, marking an 8% rise from the previous year.

Between the 2017 and 2023 revisions, the value increased significantly by 49%. Overall, comparing the 2012 figure to the 2024 figure, there has been an 8% increase. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with 2024 guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value is Rs 1,600 per sq.ft, placing Mettupalayam 2nd Street's 2024 figure below that median.

• Mettupalayam 1st Street: Rs 1,300 per sq.ft (2024)
• Mettupalayam 3rd Street: Rs 1,300 per sq.ft (2024)
• Mettuma Nagar: 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 2nd Street

For a 1,000 sq.ft plot at the current rate of Rs 1,300 per sq.ft, the 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, totaling Rs 1,17,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mettupalayam 2nd Street?

The Sub Registrar Office that covers Mettupalayam 2nd Street 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 crucial factor in the registration process when buying or selling property in Madhavaram. It determines the minimum value at which the property can be registered, ensuring that the transaction is documented accurately.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price, which can impact the total cost of the transaction.

Frequently asked questions

What is the current guideline value of Mettupalayam 2nd Street?

The current guideline value of Mettupalayam 2nd 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 2023 to Rs 1,300 per sq.ft in 2024. It was Rs 804 per sq.ft in 2017 and Rs 1,200 per sq.ft in 2012, showing various increases and decreases over the years.

What is the land classification for Mettupalayam 2nd Street?

Mettupalayam 2nd Street is classified as Residential Class III Type - I under the Madhavaram SRO.

How does the guideline value compare to other streets in Madhavaram?

The guideline value of Mettupalayam 2nd Street is Rs 1,300 per sq.ft, which is the same as several other streets in Madhavaram, such as Mettupalayam 1st Street and Mettupalayam 3rd Street.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in the area.