Guideline Value for Valaithazhai Mettu Street

Valaithazhai Mettu Street guideline value

The current guideline value of Valaithazhai Mettu Street is Rs 1,900 per sq.ft, effective from 1 July 2024. This street is located in Selavoyal village and falls under the Madhavaram SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Valaithazhai Mettu Street has changed

The guideline value for Valaithazhai Mettu Street has seen several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which later decreased to Rs 1,206 per sq.ft in 2017. Following this, the value increased significantly to Rs 1,800 per sq.ft in 2023, and the most recent revision in 2024 raised it further to Rs 1,900 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

From 2012 to 2017, the value decreased by 20%. However, from 2017 to 2023, there was a substantial increase of 49%. The overall change from 2012 to 2024 reflects an increase of 27% in the guideline value.

Guideline values in Selavoyal

In Selavoyal, there are 170 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,900 to Rs 3,300 per sq.ft, with a median value of Rs 2,200 per sq.ft. Valaithazhai Mettu Street's current value is below this median.

• Varalakshmi Nagar: Rs 2,200 per sq.ft (2024)
• Vedhantha Murugappan 1st Street: Rs 2,200 per sq.ft (2024)
• Vedhantha Murugappan 2nd Street: Rs 2,200 per sq.ft (2024)
• Vedhantha Murugappan 3rd Street: Rs 2,200 per sq.ft (2024)
• Vedhantha Murugappan 4th Street: Rs 2,200 per sq.ft (2024)
• Vedhantha Murugappan Salai 1st Lane: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Valaithazhai Mettu Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,900 per sq.ft, the total guideline value would be Rs 19,00,000. The stamp duty at 7% would amount to Rs 1,33,000, and the registration fee at 2% would be Rs 38,000, making the total fees Rs 1,71,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Valaithazhai Mettu Street?

The Sub Registrar Office that covers Valaithazhai Mettu Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. For more information, you can find your SRO.

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

The guideline value plays a crucial role in property transactions in Selavoyal. It is the basis for calculating stamp duty and registration fees, which are mandatory when registering a property sale. Buyers and sellers must consider this value to understand the financial implications of their transaction.

When a property is sold, the guideline value is used to determine the applicable duties. This ensures that the government receives the correct amount of revenue based on the property's assessed value, whether it is sold at the guideline value or a higher sale price.

Frequently asked questions

What is the current guideline value of Valaithazhai Mettu Street?

The current guideline value of Valaithazhai Mettu Street is Rs 1,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,206 per sq.ft in 2017, then increased to Rs 1,800 per sq.ft in 2023, and finally to Rs 1,900 per sq.ft in 2024.

What is the land classification for Valaithazhai Mettu Street?

The land classification for Valaithazhai Mettu Street is Residential Class III Type - I.

What is the registration office for Valaithazhai Mettu Street?

The registration office for Valaithazhai Mettu Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for properties in Valaithazhai Mettu Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 19,00,000, the stamp duty at 7% would be Rs 1,33,000.