Guideline Value for New Mettu Street

New Mettu Street guideline value

The current guideline value of New Mettu Street in Kovilpathagai village is Rs 805 per sq.ft, effective from 1 July 2024. This street falls under the Ambattur SRO and is classified as Residential Class II Type - II.

How the guideline value of New Mettu Street has changed

The guideline value for New Mettu Street has seen several revisions over the years. The 2012 revision set the value at Rs 700 per sq.ft, which decreased to Rs 469 per sq.ft in the 2017 revision. However, from 2017 to 2023, the value surged by 72% to reach Rs 805 per sq.ft. The 2023 revision maintained this figure, and the 2024 revision continues with the same guideline value of Rs 805 per sq.ft.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 15%.

Guideline values in Kovilpathagai

Kovilpathagai village has a total of 278 streets under the Ambattur SRO, with guideline values ranging from Rs 803 to Rs 2,900 per sq.ft. The median guideline value for the village is Rs 870 per sq.ft, indicating that New Mettu Street's 2024 figure is below this median.

• N.G.G.O. Nagar: Rs 803 per sq.ft (2024)
• Nethaji Street: Rs 880 per sq.ft (2024)
• North Mada Street: Rs 880 per sq.ft (2024)
• N.S.Mary Kallarai Street: Rs 880 per sq.ft (2024)
• Nehruji Street: Rs 880 per sq.ft (2024)
• Palani Street: Rs 880 per sq.ft (2024)

Stamp duty and registration fee for property in New Mettu Street

For a 1,000 sq.ft plot at the current guideline value of Rs 805 per sq.ft, the total guideline value amounts to Rs 8,05,000. The stamp duty at 7% would be Rs 56,350, and the registration fee at 2% would be Rs 16,100, making the total cost for these charges Rs 72,450. It is important to note that duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers New Mettu Street?

The Sub Registrar Office that covers New Mettu Street is the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone. You can find your SRO for further assistance.

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

The guideline value is a critical factor during property transactions in Kovilpathagai. It serves as a benchmark for determining the stamp duty and registration fees payable when buying or selling property. Buyers and sellers must consider this value to ensure compliance with local regulations and to accurately calculate the associated costs.

When registering a property, the guideline value is used to assess the transaction's worth, which helps in calculating the necessary fees. This ensures that the registration process is transparent and standardized across the region.

Frequently asked questions

What is the current guideline value of New Mettu Street?

The current guideline value of New Mettu Street is Rs 805 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 700 per sq.ft in 2012 to Rs 469 per sq.ft in 2017, then increased to Rs 805 per sq.ft in both 2023 and 2024. The overall change from 2012 to 2024 is an increase of 15%.

What are the guideline values of other streets in Kovilpathagai?

Other streets in Kovilpathagai have varying guideline values, ranging from Rs 803 to Rs 2,900 per sq.ft. The median value for the village is Rs 870 per sq.ft, making New Mettu Street's value below this median.

What fees are associated with buying property on New Mettu Street?

When buying property on New Mettu Street, the stamp duty is 7% of the guideline value, and the registration fee is 2%. For example, for a 1,000 sq.ft plot, the total fees would amount to Rs 72,450.

Where can I find the Sub Registrar Office for New Mettu Street?

The Sub Registrar Office for New Mettu Street is the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone.