Guideline Value for Melma nagar

Melma nagar guideline value

The current guideline value of Melma nagar is Rs 2,200 per sq.ft, effective from 1 July 2024. This area falls under Poonthamallee village and the Poonamallee SRO, classified as Residential Class II Type - I.

How the guideline value of Melma nagar has changed

The guideline value for Melma nagar has seen significant changes over the years. In 2007, the value was Rs 400 per sq.ft, which increased dramatically to Rs 2,000 per sq.ft in 2012, marking a 400% rise. However, from 2012 to 2017, the value decreased to Rs 1,340 per sq.ft, a decline of 33%. The value then rose again to Rs 2,000 per sq.ft in 2023, and most recently, it has been revised to Rs 2,200 per sq.ft in 2024, reflecting a 10% increase.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2007 to 2024, the guideline value has risen by 450%. The register does not have figures for the revisions in 2002 and 2003 for this street.

Guideline values in Poonthamallee

Poonthamallee village has a total of 257 streets under the Poonamallee SRO, with the 2024 guideline values ranging from Rs 1,980 to Rs 4,950 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which is equal to the current guideline value for Melma nagar.

• Meera sahib street: Rs 2,200 per sq.ft (2024)
• MG nagar: Rs 4,950 per sq.ft (2024)
• MGR nagar: Rs 2,200 per sq.ft (2024)
• Masudhi street: Rs 2,740 per sq.ft (2024)
• Mariamman koil street: Rs 2,200 per sq.ft (2024)
• Mani Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Melma nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost for these fees to Rs 1,98,000. It is important to note that 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 Melma nagar?

The Sub Registrar Office that covers Melma nagar is the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonallee Chennai - 600056. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Poonthamallee. It serves as a benchmark for determining the minimum value of a property, which affects the stamp duty and registration fees that need to be paid during the transaction.

When registering a property, the guideline value is compared with the sale price. The higher of the two values is used to calculate the applicable duties and fees, ensuring that the registration process adheres to the regulations set by the authorities.

Frequently asked questions

What is the current guideline value of Melma nagar?

The current guideline value of Melma nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 400 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 450% over the years.

What is the land classification for Melma nagar?

Melma nagar is classified as Residential Class II Type - I under the Poonamallee SRO.

What is the stamp duty rate for property in Melma nagar?

The stamp duty rate for property in Melma nagar is 7%, which is calculated based on the higher of the guideline value or the sale price.

Where can I find the Sub Registrar Office for Melma nagar?

The Sub Registrar Office for Melma nagar is the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonallee Chennai - 600056.