Guideline Value for MGM NAGAR PHASE-I

Mgm Nagar Phase-I guideline value

The current guideline value of Mgm Nagar Phase-I 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 property is Residential Special Type - III.

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

The guideline value for Mgm Nagar Phase-I has seen several revisions over the years. In the 2012 revision, the guideline value was Rs 1,000 per sq.ft. This remained unchanged until the 2017 revision, where it decreased to Rs 670 per sq.ft. However, the most recent 2023 revision saw a significant increase back to Rs 1,000 per sq.ft, marking a 49% rise from the 2017 figure.

Overall, from 2012 to 2023, the guideline value has remained stable at Rs 1,000 per sq.ft, showing no change. It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2024 for this street.

Guideline values in Melakottyur

Currently, there are no specific guideline values available for other streets in Melakottyur. Mgm Nagar Phase-I is classified under the Residential Special Type - III category.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,000 per sq.ft, the total guideline value amounts to Rs 10,00,000. The stamp duty at 7% would be Rs 70,000, and the registration fee at 2% would be Rs 20,000, resulting in a total cost of Rs 90,000. It is essential to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Mgm Nagar Phase-I?

The Mgm Nagar Phase-I area is covered by the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, 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 Melakottyur

The guideline value plays a crucial role in the registration process when buying or selling property in Melakottyur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that transactions are conducted fairly and transparently.

When a buyer or seller approaches the registration office, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions based on the established guideline values.

Frequently asked questions

What is the current guideline value for Mgm Nagar Phase-I?

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

How has the guideline value changed over the years?

Since the 2012 revision, the guideline value has remained at Rs 1,000 per sq.ft in both the 2012 and 2023 revisions, while it decreased to Rs 670 per sq.ft in the 2017 revision.

What is the land classification for Mgm Nagar Phase-I?

The land classification for Mgm Nagar Phase-I is Residential Special Type - III.

What are the stamp duty and registration fees for Mgm Nagar Phase-I?

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.

Which office handles the registration for Mgm Nagar Phase-I?

The registration for Mgm Nagar Phase-I is handled by the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202.