Guideline Value for MEGALA NAGAR

Megala Nagar guideline value

The current guideline value of Megala Nagar is Rs 1,900 per sq.ft, effective from 1 July 2024. This area is located in Vengaivasal village under the Selaiyur SRO, classified as Residential Class II Type - I.

How the guideline value of Megala Nagar has changed

The guideline value for Megala Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 1,800 per sq.ft, which remained unchanged until the 2017 revision, which decreased it to Rs 1,206 per sq.ft. However, the value rebounded in the following years, with the 2023 revision increasing it to Rs 1,800 per sq.ft, and the latest 2024 revision raising it further to Rs 1,900 per sq.ft. Notably, there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

From 2012 to 2017, the guideline value decreased by 33%. Following that, there was a significant increase of 49% from 2017 to 2023. The overall change from 2012 to 2024 reflects a modest increase of 6%.

Guideline values in Vengaivasal

In Vengaivasal, there are 117 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 850 to Rs 4,800 per sq.ft, with a median value of Rs 2,700 per sq.ft. The guideline value of Megala Nagar is below this median.

• Mohi Florence Phase-5: Rs 2,900 per sq.ft (2024)
• Mohi Florence Phase-III: Rs 2,900 per sq.ft (2024)
• Mohi's Naple's: Rs 3,000 per sq.ft (2024)
• Mambakkam Main Road: Rs 3,300 per sq.ft (2024)
• Muthumani Nagar: Rs 3,300 per sq.ft (2024)
• Maharaj Nagar: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Megala Nagar

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, totaling Rs 1,71,000. It is essential to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Megala Nagar?

The Sub Registrar Office that covers Megala Nagar is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Vengaivasal. It determines the minimum value at which the property must be registered and is used to calculate the stamp duty and registration fees applicable to the transaction.

When a property is sold, the buyer is required to pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the state collects the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Megala Nagar?

The current guideline value of Megala Nagar 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 1,800 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 Megala Nagar?

Megala Nagar is classified as Residential Class II Type - I, indicating its suitability for residential development.

Where is the Selaiyur Sub Registrar Office located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is stamp duty calculated for properties in Megala Nagar?

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