Guideline Value for New Mellaniam Nagar

New Mellaniam Nagar guideline value

The current guideline value of New Mellaniam Nagar is Rs 226 per sq.ft, effective from 1 July 2024. This area is located in Koozhangacheri village, under the Sunguvarchattram SRO, and is classified as Residential Class II Type - I.

How the guideline value of New Mellaniam Nagar has changed

The guideline value for New Mellaniam Nagar has undergone several revisions over the years. The most recent revision in 2024 set the guideline value at Rs 226 per sq.ft, which remains unchanged from the 2023 revision. Prior to that, in 2017, the value was Rs 151 per sq.ft, indicating a significant increase of 50% over the six years. The 2012 revision recorded a value of Rs 225 per sq.ft, which reflects a decrease of 33% when compared to the 2017 figure. Overall, the guideline value has not changed from 2012 to 2024.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street. The 2012 revision was the first recorded figure, leading to the current value of Rs 226 per sq.ft in 2024.

Guideline values in Koozhangacheri

Koozhangacheri village has a total of 47 streets under the Sunguvarchattram SRO that carry a guideline value for 2024, ranging from Rs 200 to Rs 1,200 per sq.ft. The median value for these streets is Rs 226 per sq.ft, which is equal to the guideline value for New Mellaniam Nagar.

• Nehru Nagar: Rs 400 per sq.ft (2024)
• Navarthinapuri: Rs 400 per sq.ft (2024)
• Navarathnapuri Phase - II: Rs 747 per sq.ft (2024)
• Muthallamman Kovil Street: Rs 200 per sq.ft (2024)
• Perumal Kovil Street: Rs 200 per sq.ft (2024)
• Lenin Nagar: Rs 250 per sq.ft (2024)

Stamp duty and registration fee for property in New Mellaniam Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 226 per sq.ft, the total guideline value would be Rs 2,26,000. The stamp duty at 7% would amount to Rs 15,820, and the registration fee at 2% would be Rs 4,520, bringing the total fees to Rs 20,340. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers New Mellaniam Nagar?

The Sub Registrar Office that covers New Mellaniam Nagar is the Sunguvarchattram Sub Registrar Office, located at Vadivamal Nagar Kandigai Road Caparo Company Opp, Sunguvarchatram, Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value is a crucial factor when buying or selling property in Koozhangacheri, as it determines the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees, ensuring that all transactions are conducted transparently and fairly.

When a property is sold, the guideline value serves as a benchmark for the sale price. If the sale price is higher than the guideline value, the stamp duty is calculated based on the sale price instead. This system helps maintain consistency in property transactions within the region.

Frequently asked questions

What is the current guideline value of New Mellaniam Nagar?

The current guideline value of New Mellaniam Nagar is Rs 226 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained the same at Rs 226 per sq.ft from 2023 to 2024. It increased from Rs 151 per sq.ft in 2017 to Rs 226 per sq.ft in 2023, marking a 50% increase over six years.

What is the land classification for New Mellaniam Nagar?

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

Where can I find the registration office for New Mellaniam Nagar?

The registration office for New Mellaniam Nagar is the Sunguvarchattram Sub Registrar Office, located at Vadivamal Nagar Kandigai Road Caparo Company Opp, Sunguvarchatram, Chengalpattu registration zone.

How is the stamp duty calculated for property in New Mellaniam Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 2,26,000 would incur a stamp duty of Rs 15,820 at 7%.