Guideline Value for Mejastic Nagar

Mejastic Nagar guideline value

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

How the guideline value of Mejastic Nagar has changed

The guideline value for Mejastic Nagar has undergone several revisions over the years. The 2012 revision set the value at Rs 650 per sq.ft, which then decreased to Rs 435 per sq.ft in the 2017 revision. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value back up to Rs 650 per sq.ft, before rising to Rs 720 per sq.ft in the 2024 revision, marking an 11% increase from the previous year.

The register has no figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 11%.

Guideline values in Serapanancheri

In Serapanancheri, there are 53 streets under the Padappai SRO that have a 2024 guideline value ranging from Rs 440 to Rs 4,440 per sq.ft. The median value for these streets is Rs 720 per sq.ft, which is equal to the guideline value of Mejastic Nagar.

• Mejastic Nagar Extn 1 to 5: 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

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.

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

Which Sub Registrar Office covers Mejastic Nagar?

The Mejastic Nagar area is covered by 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 in the registration process when buying or selling property in Serapanancheri. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

Frequently asked questions

What is the current guideline value of Mejastic Nagar?

The current guideline value of Mejastic Nagar is Rs 720 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

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 back to Rs 650 per sq.ft in 2023, and finally to Rs 720 per sq.ft in 2024.

What is the land classification of Mejastic Nagar?

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

What are the stamp duty rates for properties in Mejastic Nagar?

The stamp duty for properties in Mejastic Nagar is charged at a rate of 7% on the guideline value or the sale price, whichever is higher.

Where is the Padappai Sub Registrar Office located?

The Padappai Sub Registrar Office is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.