Guideline Value for MGM NAGAR PHASE-II

Mgm Nagar Phase-II guideline value

The current guideline value of Mgm Nagar Phase-II is Rs 1,000 per sq.ft. This area is located in Melakottyur village and falls under the Gooduvancheri SRO. The land classification for this region is Residential Special Type - III.

How the guideline value of Mgm Nagar Phase-II has changed

The guideline value has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 1,000 per sq.ft, which remained unchanged in the 2023 revision. However, between the 2012 and 2017 revisions, there was a decrease to Rs 670 per sq.ft, marking a drop of 33%. The most significant change occurred between the 2017 and 2023 revisions, where the value increased by 49% to reach the current rate of Rs 1,000 per sq.ft.

It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2024 for this street. Overall, from 2012 to 2023, the guideline value has remained stable with no net change.

Guideline values in Melakottyur

Currently, there are no specific village figures available for Melakottyur. Mgm Nagar Phase-II is part of this locality. Unfortunately, there are no other streets in Melakottyur under the Gooduvancheri SRO listed.

Stamp duty and registration fee for property in Mgm Nagar Phase-II

For a 1,000 sq.ft plot at the current guideline value of Rs 1,000 per sq.ft, the total guideline value would be Rs 10,00,000. The stamp duty at 7% would amount to Rs 70,000, and the registration fee at 2% would be Rs 20,000, bringing the total fees to Rs 90,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Mgm Nagar Phase-II?

The Mgm Nagar Phase-II area is covered by the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri - 603202, Chengalpattu registration zone. To find your specific SRO, visit find your SRO.

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

The guideline value is a crucial factor when buying or selling property in Melakottyur. It serves as a benchmark for determining the minimum value at which properties can be registered. This value is used to calculate the stamp duty and registration fees applicable during the transaction.

When a property is sold, the guideline value is compared to the sale price. The higher of the two values is considered for calculating the applicable duties and fees, ensuring that the registration process is compliant with state regulations.

Frequently asked questions

What is the current guideline value of Mgm Nagar Phase-II?

The current guideline value of Mgm Nagar Phase-II is Rs 1,000 per sq.ft as per the 2023 revision.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2012 to Rs 670 per sq.ft in 2017, and then back to Rs 1,000 per sq.ft in 2023. Overall, there has been no net change from 2012 to 2023.

What are the stamp duty and registration fees for properties in Mgm Nagar Phase-II?

For a property valued at Rs 10,00,000, the stamp duty would be Rs 70,000 and the registration fee would be Rs 20,000, totaling Rs 90,000. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Where is the Gooduvancheri Sub Registrar Office located?

The Gooduvancheri Sub Registrar Office is located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri - 603202, Chengalpattu registration zone.

Is there a guideline value for 2024 for Mgm Nagar Phase-II?

No, the register has no figure for the guideline value of Mgm Nagar Phase-II for the year 2024.