Guideline Value for MANGALI NAGAR II ND STREET

Mangali Nagar II Nd Street guideline value

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

How the guideline value of Mangali Nagar II Nd Street has changed

The guideline value for Mangali Nagar II Nd Street has seen several revisions over the years. The earliest recorded figure is from 2007, where it was Rs 1,350 per sq.ft. This value increased significantly to Rs 6,000 per sq.ft in 2012, marking a 344% rise. However, it then decreased to Rs 4,020 per sq.ft in 2017, which is a decline of 33%. The value continued to rise, reaching Rs 6,000 per sq.ft in 2023, and further increased by 10% to the current Rs 6,600 per sq.ft in the 2024 revision.

There are no recorded figures for the years 2002 and 2003 for this street. The overall increase from the 2007 figure to the current 2024 figure is 389%.

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, placing Mangali Nagar II Nd Street's 2024 figure above that median.

• Mangali Nagar III Rd Street: Rs 6,600 per sq.ft (2024)
• Mangali Nagar I St 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 II Nd 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, totaling Rs 5,94,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mangali Nagar II Nd Street?

The Sub Registrar Office that covers Mangali Nagar II Nd 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 is a crucial factor during the registration of property transactions in Arumbakkam. It serves as a benchmark for determining the stamp duty and registration fees that must be paid when buying or selling property.

When a property is registered, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions based on current valuations.

Frequently asked questions

What is the current guideline value of Mangali Nagar II Nd Street?

The current guideline value of Mangali Nagar II Nd 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 increased from Rs 1,350 per sq.ft in 2007 to Rs 6,600 per sq.ft in 2024, marking an overall increase of 389%.

What are the stamp duty and registration fees for properties 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 II Nd Street?

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

What is the land classification for Mangali Nagar II Nd Street?

Mangali Nagar II Nd Street is classified as Residential Special Type - I, which is relevant for determining its guideline value and usage.