Guideline Value for MANGALA NAGAR 2ND STREET

Mangala Nagar 2nd Street guideline value

The current guideline value of Mangala Nagar 2nd Street is Rs 990 per sq.ft, effective from 1 July 2024. This street is located in Kolathuvancheri village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class IV Type - II.

How the guideline value of Mangala Nagar 2nd Street has changed

The guideline value for Mangala Nagar 2nd Street has undergone several revisions over the years. The 2012 revision set the value at Rs 900 per sq.ft, which then decreased to Rs 603 per sq.ft in the 2017 revision. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value up to Rs 900 per sq.ft. The most recent revision in 2024 saw another increase of 10%, resulting in the current value of Rs 990 per sq.ft.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for Mangala Nagar 2nd Street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Kolathuvancheri

In Kolathuvancheri, there are 146 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 660 to Rs 4,600 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, making the guideline value for Mangala Nagar 2nd Street below the median.

• Mangala Nagar 1st Street: Rs 990 per sq.ft (2024)
• Mayana Salai: Rs 990 per sq.ft (2024)
• Maduram Nagar Extn.: Rs 1,650 per sq.ft (2024)
• Maduram Nagar 5th Street: Rs 1,650 per sq.ft (2024)
• Maduram Nagar 4th Street: Rs 1,650 per sq.ft (2024)
• Maduram Nagar 3rd Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Mangala Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 990 per sq.ft, the total guideline value amounts to Rs 9,90,000. The stamp duty at 7% would be Rs 69,300, and the registration fee at 2% would be Rs 19,800, bringing the total cost for these fees to Rs 89,100. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Mangala Nagar 2nd Street?

The Sub Registrar Office that covers Mangala Nagar 2nd Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

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

When a property is sold, the guideline value helps ensure that the transaction is recorded at a fair value, reflecting the market conditions of the area. Buyers and sellers should be aware of the guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Mangala Nagar 2nd Street?

The current guideline value of Mangala Nagar 2nd Street is Rs 990 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 900 per sq.ft in 2012 to Rs 603 per sq.ft in 2017, then increased to Rs 900 per sq.ft in 2023, and finally to Rs 990 per sq.ft in 2024.

What is the land classification for Mangala Nagar 2nd Street?

The land classification for Mangala Nagar 2nd Street is Residential Class IV Type - II.

Where can I find the registration office for this area?

The registration office for Mangala Nagar 2nd Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is stamp duty calculated for properties in Kolathuvancheri?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 9,90,000, the stamp duty would be Rs 69,300 at 7%.