Guideline Value for MANGAMBAL NAGAR

Mangambal Nagar guideline value

The current guideline value of Mangambal Nagar is Rs 1,960 per sq.ft, effective from 1 July 2024. This area is located in Nanmangalam village and falls under the Pallavaram SRO. The land classification for this street is Residential Class II Type - I.

How the guideline value of Mangambal Nagar has changed

The guideline value for Mangambal Nagar has seen several revisions over the years. The earliest recorded figure is from 2007, when the guideline value was Rs 300 per sq.ft. This value increased significantly to Rs 1,800 per sq.ft in 2012, marking a 500% increase. However, it then decreased to Rs 1,206 per sq.ft in 2017, reflecting a decline of 33%. The value rose again to Rs 1,800 per sq.ft in 2023, before reaching the current value of Rs 1,960 per sq.ft in 2024, which is a 9% increase from the previous year. The register has no figures for the years 2002 and 2003.

From 2007 to 2024, the overall increase in the guideline value for Mangambal Nagar is 553%. The changes between the revisions highlight the fluctuations in property values over time, with the most recent revision marking a positive adjustment in the guideline value.

Guideline values in Nanmangalam

Nanmangalam village has a total of 139 streets under the Pallavaram SRO, with guideline values ranging from Rs 1,960 to Rs 3,850 per sq.ft as of 2024. The median guideline value for these streets is Rs 2,750 per sq.ft, placing Mangambal Nagar's 2024 figure below this median.

• Maniammai Street: Rs 3,850 per sq.ft (2024)
• Manikandan Nagar: Rs 3,300 per sq.ft (2024)
• Manikandan Nagar 1 To 2 Streets: Rs 3,300 per sq.ft (2024)
• Medavakkam Main Road: Rs 3,850 per sq.ft (2024)
• Loganathan Street: Rs 2,750 per sq.ft (2024)
• Lakshmi Nagar: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Mangambal Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,960 per sq.ft, the total guideline value amounts to Rs 19,60,000. The stamp duty at 7% would be Rs 1,37,200, and the registration fee at 2% would be Rs 39,200. Together, the total cost for stamp duty and registration fee would be Rs 1,76,400. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mangambal Nagar?

The Sub Registrar Office that covers Mangambal Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Nanmangalam. It serves as a reference point for determining the stamp duty and registration fees applicable during the registration process. Buyers and sellers must consider this value to ensure compliance with the regulations set by the registration department.

When a property is registered, the guideline value is compared with the sale price, and the higher amount is used to calculate the applicable duties. This ensures that the transaction reflects the true value of the property and adheres to the legal requirements for property transactions in Tamil Nadu.

Frequently asked questions

What is the current guideline value of Mangambal Nagar?

The current guideline value of Mangambal Nagar is Rs 1,960 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 300 per sq.ft in 2007 to Rs 1,960 per sq.ft in 2024, reflecting an overall increase of 553% over the years.

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

The stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 19,60,000, the total fees would amount to Rs 1,76,400.

Which office handles property registrations in Mangambal Nagar?

The Pallavaram Sub Registrar Office handles property registrations in Mangambal Nagar, located at 7th Main Road, New Colony, Chromepet, Chennai-600044.

What is the land classification for Mangambal Nagar?

The land classification for Mangambal Nagar is Residential Class II Type - I, indicating its designation for residential use.