Guideline Value for MANGAMABIGAI NAGAR 1ST STREET

Mangamabigai Nagar 1st Street guideline value

The current guideline value of Mangamabigai Nagar 1st Street is Rs 3,900 per sq.ft, effective from 1 July 2024. This street is located in Okkiyamthuraipakkam village under the Neelankarai SRO, and the land classification is Residential Class I Type - II.

How the guideline value of Mangamabigai Nagar 1st Street has changed

In the 2012 revision, the guideline value was Rs 3,500 per sq.ft. This value remained the same in the 2017 revision, where it dropped to Rs 2,345 per sq.ft. The 2023 revision saw an increase to Rs 3,500 per sq.ft, followed by a further increase to Rs 3,900 per sq.ft in the 2024 revision. The register has no figure for the years 2002, 2003, and 2007.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, it increased by 49%. The overall change from 2012 to 2024 shows an increase of 11%.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value is Rs 3,300 per sq.ft, making the guideline value of Mangamabigai Nagar 1st Street above that median.

• Mangamabigai Nagar 2nd Street: Rs 3,900 per sq.ft (2024)
• Mangalambigai Nagar Main Road (C.L.Metha Salai): Rs 3,900 per sq.ft (2024)
• Mangalambigai Nagar 6th Street: Rs 3,900 per sq.ft (2024)
• Mangalambigai Nagar 5th Street: Rs 3,900 per sq.ft (2024)
• Mangalambigai Nagar 4th Street: Rs 3,900 per sq.ft (2024)
• Mangalambigai Nagar 3rd Street: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Mangamabigai Nagar 1st Street

For a 1,000 sq.ft plot at the current rate, the guideline value amounts to Rs 39,00,000. The stamp duty at 7% would be Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, totaling Rs 3,51,000. 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 Mangamabigai Nagar 1st Street?

The Mangamabigai Nagar 1st Street is covered by the Neelankarai Sub Registrar Office located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Okkiyamthuraipakkam. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property sales.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are essential costs in the transaction process. Buyers should be aware of these values to avoid any surprises during registration.

Frequently asked questions

What is the current guideline value of Mangamabigai Nagar 1st Street?

The current guideline value of Mangamabigai Nagar 1st Street is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 in 2012 to Rs 2,345 in 2017, then back to Rs 3,500 in 2023, and finally to Rs 3,900 in 2024. The overall change from 2012 to 2024 is an increase of 11%.

What is the land classification of Mangamabigai Nagar 1st Street?

The land classification of Mangamabigai Nagar 1st Street is Residential Class I Type - II.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is the stamp duty calculated for properties in Mangamabigai Nagar 1st Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the stamp duty would be Rs 2,73,000.