Guideline Value for Mejastic Nagar Extn 1 to 5

Mejastic Nagar Extn 1 to 5 guideline value

The current guideline value for Mejastic Nagar Extn 1 to 5 is Rs 720 per sq.ft, effective from 1 July 2024. This area is located in Serapanancheri village, under the Padappai SRO, and is classified as Residential Class I Type - I.

How the guideline value of Mejastic Nagar Extn 1 to 5 has changed

Over the years, the guideline value for Mejastic Nagar Extn 1 to 5 has seen several revisions. The 2012 revision set the value at Rs 650 per sq.ft, which was then decreased to Rs 435 per sq.ft in 2017. Following this, the value increased significantly to Rs 650 per sq.ft in 2023, and currently stands at Rs 720 per sq.ft from the 2024 revision, marking an increase of 11% from the previous year.

From 2017 to 2023, the increase was 49%, while the change from 2012 to 2017 was a decrease of 33%. Overall, from 2012 to 2024, the guideline value has increased by 11%. The register does not provide figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Serapanancheri

In Serapanancheri, there are 53 streets under the Padappai SRO that carry a 2024 guideline value, ranging from Rs 440 to Rs 4,440 per sq.ft. The median value is Rs 720 per sq.ft, which aligns with the guideline value for Mejastic Nagar Extn 1 to 5.

• Mejastic Nagar: Rs 720 per sq.ft (2024)
• Mahalakshmi Nagar Phase I: Rs 990 per sq.ft (2024)
• Muthumariamman Koil Street: Rs 990 per sq.ft (2024)
• Princy Nagar: Rs 720 per sq.ft (2024)
• Priya Nagar: Rs 720 per sq.ft (2024)
• Jai Nagar: Rs 990 per sq.ft (2024)

Stamp duty and registration fee for property in Mejastic Nagar Extn 1 to 5

For a 1,000 sq.ft plot at the current guideline value of Rs 720 per sq.ft, the total guideline value would be Rs 7,20,000. The stamp duty at 7% would amount to Rs 50,400, and the registration fee at 2% would be Rs 14,400, bringing the total fees to Rs 64,800. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mejastic Nagar Extn 1 to 5?

The Sub Registrar Office that covers Mejastic Nagar Extn 1 to 5 is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Serapanancheri. It serves as the basis for calculating the stamp duty and registration fees that buyers must pay at the time of registration.

When you buy or sell property, the guideline value helps ensure that the transaction is recorded at a value that reflects the current market conditions as determined by the Registration Department. This process helps maintain transparency and standardization in property transactions.

Frequently asked questions

What is the current guideline value for Mejastic Nagar Extn 1 to 5?

The current guideline value for Mejastic Nagar Extn 1 to 5 is Rs 720 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 650 per sq.ft in 2012 to Rs 435 per sq.ft in 2017, then to Rs 650 per sq.ft in 2023, and currently to Rs 720 per sq.ft in 2024.

What is the land classification for Mejastic Nagar Extn 1 to 5?

Mejastic Nagar Extn 1 to 5 is classified as Residential Class I Type - I.

What are the stamp duty and registration fees for property in this area?

For a 1,000 sq.ft plot valued at Rs 7,20,000, the stamp duty would be Rs 50,400 and the registration fee would be Rs 14,400, totaling Rs 64,800.

Which office handles registrations for Mejastic Nagar Extn 1 to 5?

The Padappai Sub Registrar Office handles registrations for Mejastic Nagar Extn 1 to 5, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.