Guideline Value for MANGALA NAGAR

Mangala Nagar guideline value

The current guideline value of Mangala Nagar, located in Puliyur village under the Kodambakkam SRO, is Rs 3,800 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class IV Type - III.

How the guideline value of Mangala Nagar has changed

The guideline value for Mangala Nagar has seen several revisions over the years. In 2002, the value was Rs 511 per sq.ft, which increased to Rs 561 per sq.ft in 2003. By 2007, it had risen significantly to Rs 900 per sq.ft, and then to Rs 3,500 per sq.ft in 2012. However, there was a decrease to Rs 2,345 per sq.ft in 2017. The value then increased to Rs 3,500 per sq.ft in 2023 before reaching the current rate of Rs 3,800 per sq.ft in 2024.

The changes between these revisions are notable. From 2002 to 2003, there was a 10% increase, followed by a 60% rise from 2003 to 2007. The value surged by 289% from 2007 to 2012, but then decreased by 33% from 2012 to 2017. A significant 49% increase occurred from 2017 to 2023, and finally, there was a 9% rise from 2023 to 2024. Overall, the guideline value has increased by 644% from 2002 to 2024.

Guideline values in Puliyur

In Puliyur village, there are 648 streets under the Kodambakkam SRO, with 2024 guideline values ranging from Rs 3,300 to Rs 14,300 per sq.ft. The median value for these streets is Rs 5,800 per sq.ft, placing Mangala Nagar's 2024 figure below this median.

• Mannar Mudali 1st Street: Rs 5,800 per sq.ft (2024)
• Mannar Mudali 2nd Street: Rs 5,800 per sq.ft (2024)
• Mariamman Koil Street: Rs 4,600 per sq.ft (2024)
• Mayor Sampandam Street: Rs 4,600 per sq.ft (2024)
• Madha Koil Street: Rs 3,800 per sq.ft (2024)
• Meenakshi Nagar: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Mangala Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,800 per sq.ft, the total guideline value would be Rs 38,00,000. The stamp duty at 7% would amount to Rs 2,66,000, while the registration fee at 2% would be Rs 76,000, bringing the total fees to Rs 3,42,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Mangala Nagar?

The Sub Registrar Office that covers Mangala Nagar is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Puliyur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the state receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the legal valuation of the property. It is essential for buyers to be aware of the guideline value to ensure compliance with registration norms and avoid any discrepancies during the transaction process.

Frequently asked questions

What is the current guideline value of Mangala Nagar?

The current guideline value of Mangala Nagar is Rs 3,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 511 per sq.ft in 2002 to Rs 3,800 per sq.ft in 2024, with several fluctuations in between.

What is the land classification of Mangala Nagar?

Mangala Nagar is classified as Residential Class IV Type - III.

What are the stamp duty and registration fees for a property in Mangala Nagar?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For example, for a 1,000 sq.ft plot, the total fees would be Rs 3,42,000.

Where is the Kodambakkam Sub Registrar Office located?

The Kodambakkam Sub Registrar Office is located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.