Guideline Value for Smart City

Smart City guideline value

The current guideline value of Smart City in Mettupalayam village is Rs 500 per sq.ft, effective from 1 July 2024. This area falls under the Sunguvarchattram SRO and is classified as Mixed Type - I land.

How the guideline value of Smart City has changed

The guideline value for Smart City has undergone several revisions over the years. In 2012, the value was set at Rs 500 per sq.ft. This remained unchanged until the 2017 revision, where it dropped to Rs 335 per sq.ft. The value then increased to Rs 500 per sq.ft in 2023 and has remained at that figure through the 2024 revision, showing no change from the previous year.

From 2017 to 2023, there was a significant increase of 49%. However, from 2012 to 2017, the value decreased by 33%. Overall, from 2012 to 2024, the guideline value has remained the same at Rs 500 per sq.ft.

Guideline values in Mettupalayam

In Mettupalayam, there are 45 streets under the Sunguvarchattram SRO that carry a 2024 guideline value, ranging from Rs 181 to Rs 900 per sq.ft. The median value across these streets is Rs 181 per sq.ft, placing Smart City’s 2024 figure above this median.

• Smart City Phase-2: Rs 900 per sq.ft (2024)
• SriGayathiri Nagar: Rs 200 per sq.ft (2024)
• Sri Parameshwari Farm Land: Rs 200 per sq.ft (2024)
• SriRagavendra Nagar: Rs 200 per sq.ft (2024)
• Saneeshvarar kovil Street: Rs 200 per sq.ft (2024)
• Ramar Kovil Street: Rs 200 per sq.ft (2024)

Stamp duty and registration fee for property in Smart City

For a 1,000 sq.ft plot at the current guideline value of Rs 500 per sq.ft, the total guideline value amounts to Rs 5,00,000. The stamp duty at 7% would be Rs 35,000, and the registration fee at 2% would be Rs 10,000, bringing the total to Rs 45,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Smart City?

The Smart City area is covered by the Sunguvarchattram Sub Registrar Office, located at Vadivamal Nagar Kandigai Road Caparo Company Opp, Sunguvarchatram, Chengalpattu registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value serves as a benchmark for determining the minimum price at which property transactions can be registered in Mettupalayam. When buying or selling property, the guideline value is utilized to calculate the applicable stamp duty and registration fees.

It is essential for buyers and sellers to be aware of the guideline value as it directly impacts the financial aspects of property transactions, including the costs associated with registration and taxes.

Frequently asked questions

What is the current guideline value of Smart City?

The current guideline value of Smart City in Mettupalayam village is Rs 500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, with the most recent being Rs 500 per sq.ft in 2024, which is unchanged from 2023. The value was Rs 335 per sq.ft in 2017 and was Rs 500 per sq.ft in 2012.

What is the range of guideline values in Mettupalayam?

In Mettupalayam, the guideline values range from Rs 181 to Rs 900 per sq.ft as of 2024, with a median value of Rs 181 per sq.ft. Smart City's value of Rs 500 per sq.ft is above this median.

What fees are associated with property registration in Smart City?

For a property valued at Rs 5,00,000, the stamp duty is Rs 35,000 and the registration fee is Rs 10,000, totaling Rs 45,000. These fees are based on the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Smart City?

The Sub Registrar Office for Smart City is located at Vadivamal Nagar Kandigai Road Caparo Company Opp, Sunguvarchatram, Chengalpattu registration zone. You can find more details by visiting the appropriate link.