Guideline Value for MANGALI NAGAR

Mangali Nagar guideline value

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

How the guideline value of Mangali Nagar has changed

The guideline value for Mangali Nagar has seen significant changes over the years. In 2002, the guideline value was Rs 509 per sq.ft. This increased to Rs 900 per sq.ft in 2003, marking a 77% rise. The value then rose to Rs 1,350 per sq.ft in 2007, which was a 50% increase. The 2012 revision saw the value at Rs 6,000 per sq.ft, reflecting a substantial 344% increase from the previous figure. However, in 2017, the value dropped to Rs 4,020 per sq.ft, a decrease of 33%. The value then increased to Rs 6,000 per sq.ft in 2023, followed by a further rise to Rs 6,600 per sq.ft in 2024, a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 1197%. There are no figures available for the years not mentioned in the register 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, with a median value of Rs 6,000 per sq.ft. The guideline value of Mangali Nagar is above this median.

• Mangali Nagar III Rd Street: Rs 6,600 per sq.ft (2024)
• Mangali Nagar II Nd Street: Rs 6,600 per sq.ft (2024)
• Mangali Nagar I St Street: 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

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, while the registration fee at 2% would be Rs 1,32,000. Together, the total cost for these fees would be 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 the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mangali Nagar?

The Sub Registrar Office that covers Mangali 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 Arumbakkam

The guideline value is a crucial factor when buying or selling property in Arumbakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the registration process. Buyers and sellers should be aware that these fees are calculated based on the higher of the guideline value or the sale price.

When registering a property, it is essential to ensure that the guideline value is accurately reflected in the documentation. This ensures compliance with local regulations and helps avoid any potential legal issues in the future.

Frequently asked questions

What is the current guideline value of Mangali Nagar?

The current guideline value of Mangali Nagar 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 509 per sq.ft in 2002 to Rs 6,600 per sq.ft in 2024, marking a total increase of 1197% over the years.

What are the stamp duty and registration fees for properties in Mangali Nagar?

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 registrations in Mangali Nagar?

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

What is the land classification of Mangali Nagar?

Mangali Nagar is classified as Residential Special Type - I, which indicates its designation for residential purposes.