Guideline Value for MANGALI NAGAR I ST STREET

Mangali Nagar I St Street guideline value

The current guideline value for Mangali Nagar I St Street is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Arumbakkam village, under the Kodambakkam SRO, and is classified as Residential Special Type - I.

How the guideline value of Mangali Nagar I St Street has changed

The guideline value for Mangali Nagar I St Street has undergone several revisions over the years. The 2007 revision set the value at Rs 1,500 per sq.ft, which increased significantly to Rs 6,000 per sq.ft in 2012. However, it then saw a decrease to Rs 4,020 per sq.ft in 2017. The value rose again to Rs 6,000 per sq.ft in 2023, and currently stands at Rs 6,600 per sq.ft following the 2024 revision. The changes between these revisions are as follows: from 2007 to 2012, there was an increase of 300%, followed by a decrease of 33% from 2012 to 2017. The value then increased by 49% from 2017 to 2023, and finally, a 10% increase was noted from 2023 to 2024.

It is important to note that there are no figures available for the revisions in 2002 and 2003 for this street.

Guideline values in Arumbakkam

In Arumbakkam, there are 391 streets under the Kodambakkam SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 16,500 per sq.ft. The median value among these streets is Rs 6,000 per sq.ft, making the current guideline value for Mangali Nagar I St Street above this median.

• Mangali Nagar II Nd Street: Rs 6,600 per sq.ft (2024)
• Mangali Nagar III Rd Street: Rs 6,600 per sq.ft (2024)
• Mangali Nagar: Rs 6,600 per sq.ft (2024)
• Maraimalai Adigalar Street (Razack Garden): Rs 6,000 per sq.ft (2024)
• Mariamman Koil Street: Rs 3,800 per sq.ft (2024)
• Mariamman Koil Street-Ashok Nagar: Rs 5,000 per sq.ft (2024)

Stamp duty and registration fee for property in Mangali Nagar I St Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value would be Rs 66,00,000. The stamp duty at 7% would amount to Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, bringing the total cost for these fees to Rs 5,94,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mangali Nagar I St Street?

The Sub Registrar Office that covers Mangali Nagar I St Street 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 Arumbakkam

The guideline value plays a crucial role in property transactions in Arumbakkam. It is used to calculate the stamp duty and registration fees when a property is bought or sold, ensuring that the government receives the appropriate revenue from these transactions.

When a buyer or seller approaches the registration office, the guideline value is referenced to determine the applicable fees. This value serves as a benchmark for property transactions, helping to standardize the costs associated with property registration.

Frequently asked questions

What is the current guideline value for Mangali Nagar I St Street?

The current guideline value for Mangali Nagar I St Street is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2007 to Rs 6,600 per sq.ft in 2024, representing an overall increase of 340% over the years.

What is the median guideline value for streets in Arumbakkam?

The median guideline value for streets in Arumbakkam is Rs 6,000 per sq.ft, with Mangali Nagar I St Street's current value above this median.

What are the stamp duty and registration fees for a property in this area?

For a property valued at Rs 66,00,000, the stamp duty would be Rs 4,62,000 and the registration fee would be Rs 1,32,000, totaling Rs 5,94,000.

Which office handles property registration for Mangali Nagar I St Street?

The Kodambakkam Sub Registrar Office handles property registration for Mangali Nagar I St Street, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.