Guideline Value for SALAVAKKAM COLONY METTU STREET

Salavakkam Colony Mettu Street guideline value

The current guideline value of Salavakkam Colony Mettu Street is Rs 102 per sq.ft, effective from 1 July 2024. This street is located in Salavakkam village, under the Salavakkam SRO, classified as Residential Class V Type - I.

How the guideline value of Salavakkam Colony Mettu Street has changed

The guideline value for Salavakkam Colony Mettu Street has undergone several revisions over the years. In 2012, the guideline value was Rs 50 per sq.ft, which decreased to Rs 33 per sq.ft in 2017. This was a decline of 34%. However, from 2017 to 2023, the value saw a significant increase to Rs 100 per sq.ft, marking a rise of 203%. The most recent revision in 2024 set the value at Rs 102 per sq.ft, reflecting a 2% increase from the previous year.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 104%.

Guideline values in Salavakkam

In Salavakkam, there are 38 streets under the Salavakkam SRO that carry a 2024 guideline value ranging from Rs 100 to Rs 250 per sq.ft, with a median value of Rs 150 per sq.ft. Salavakkam Colony Mettu Street's 2024 figure is below this median.

• Salavakkam Colony Dhedeer Nagar: Rs 102 per sq.ft (2024)
• Salavakkam Colony Bazani Kovil Street: Rs 101 per sq.ft (2024)
• Reddy Street: Rs 175 per sq.ft (2024)
• Sindhu Nagar: Rs 200 per sq.ft (2024)
• Sindhu Nagar Phase-I: Rs 100 per sq.ft (2024)
• Pillaiyar Koil Street: Rs 175 per sq.ft (2024)

Stamp duty and registration fee for property in Salavakkam Colony Mettu Street

For a 1,000 sq.ft plot at the current rate of Rs 102 per sq.ft, the guideline value amounts to Rs 1,02,000. The stamp duty at 7% would be Rs 7,140, and the registration fee at 2% would be Rs 2,040, bringing the total to Rs 9,180. 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 Salavakkam Colony Mettu Street?

The Sub Registrar Office that covers Salavakkam Colony Mettu Street is the Salavakkam Sub Registrar Office, located at 2/1a, Thottakkara Street, Salavakkam, 603 107, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Salavakkam. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold.

When registering a property, the guideline value is considered alongside the sale price. The higher of the two values is used to calculate the applicable duties and fees, ensuring that the transaction is compliant with local regulations.

Frequently asked questions

What is the current guideline value of Salavakkam Colony Mettu Street?

The current guideline value of Salavakkam Colony Mettu Street is Rs 102 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 50 per sq.ft in 2012 to Rs 33 per sq.ft in 2017, then increased to Rs 100 per sq.ft in 2023, and finally to Rs 102 per sq.ft in 2024.

What are the stamp duty rates for properties in Salavakkam?

The stamp duty for properties in Salavakkam is charged at 7% of the guideline value or sale price, whichever is higher. Additionally, there is a registration fee of 2%.

Which Sub Registrar Office handles property registrations in Salavakkam?

The Salavakkam Sub Registrar Office handles property registrations in Salavakkam, located at 2/1a, Thottakkara Street, Salavakkam, 603 107, Chengalpattu registration zone.

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

The guideline value is significant as it determines the stamp duty and registration fees payable during property transactions. It ensures that the property is registered at a value recognized by the local authorities.