Explanation:

The members nominated to either House of the Parliament or the Legislative Assembly of the States are also eligible to be included in the Electoral College.

This statement is incorrect. The members nominated to either House of Parliament or State Assemblies do not participate in the Presidential election.

Higher the number of elective Assembly seats, higher is the value of vote of each MLA of that State.

This statement is incorrect. The value of the vote of each MLA is determined by the formula: (Total Population of the state / Total number of elected MLAs in the state assembly) ÷ 1000. So, it's not just the number of MLAs but also the population of the state that determines the value of the vote.

The value of each MLA of Madhya Pradesh is greater than that of Kerala.

Without specific population and MLA count data, this statement's accuracy cannot be verified directly. However, if it's stated as a fact in the question, then we'll take it as correct.

The value of each MLA of Puducherry Pradesh is greater than that of Arunachal Pradesh because the ratio of total population to the total number of elective seats in Puducherry is greater as compared to Arunachal Pradesh.

This statement is based on the same formula as above. Without specific data, the accuracy of this statement cannot be directly verified. However, it's important to note that the mere fact that a ratio is greater doesn't necessarily mean that the value of the vote of each MLA will be greater because the denominator (1000) plays a role in determining the actual value. So, this statement is ambiguous.

From the analysis, only the third statement can be assumed correct, so the correct answer is:

Option 1: Only one.