Guideline Value for MANGESH STREET

Mangesh Street guideline value

The current guideline value of Mangesh Street is Rs 13,200 per sq.ft, effective from 1 July 2024. This street is located in Tnagar village and falls under the Thiyagaraya nagar SRO. The land classification for this area is Mixed Special Type - II.

How the guideline value of Mangesh Street has changed

The guideline value for Mangesh Street has seen significant changes over the years. In 2002, the value was Rs 2,389 per sq.ft, which increased to Rs 3,200 per sq.ft in 2003, marking a 34% rise. By 2007, the value had further increased by 25% to Rs 4,000 per sq.ft. The 2012 revision saw a substantial increase of 200%, bringing the value to Rs 12,000 per sq.ft. However, it then decreased by 33% to Rs 8,040 per sq.ft in 2017. The value rose again to Rs 12,000 per sq.ft in 2023, and finally, it reached Rs 13,200 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year.

There are no figures available for the revisions in years other than those mentioned. The overall increase from 2002 to 2024 stands at 453%.

Guideline values in Tnagar

Tnagar village has a total of 262 streets under the Thiyagaraya nagar SRO with a 2024 guideline value ranging from Rs 4,400 to Rs 27,500 per sq.ft. The median guideline value in this area is Rs 11,000 per sq.ft, placing Mangesh Street's 2024 figure above this median.

• Mannar Reddy Street: Rs 7,700 per sq.ft (2024)
• Mambalam High Road: Rs 11,000 per sq.ft (2024)
• Maloney Road: Rs 11,000 per sq.ft (2024)
• Manokaran Street: Rs 7,700 per sq.ft (2024)
• Malligai Nagar (M.T.B.Scheme): Rs 4,400 per sq.ft (2024)
• Masilamani Street: Rs 11,000 per sq.ft (2024)

Stamp duty and registration fee for property in Mangesh Street

For a 1,000 sq.ft plot at the current guideline value of Rs 13,200 per sq.ft, the total guideline value amounts to Rs 1,32,00,000. The stamp duty at 7% would be Rs 9,24,000, and the registration fee at 2% would be Rs 2,64,000, bringing the total to Rs 11,88,000. 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 further assistance.

Which Sub Registrar Office covers Mangesh Street?

The Sub Registrar Office that covers Mangesh Street is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet Nandhanam, Chennai-35. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Tnagar. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the buyer must pay the stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Mangesh Street?

The current guideline value of Mangesh Street is Rs 13,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 2,389 per sq.ft in 2002 to Rs 13,200 per sq.ft in 2024, marking an overall increase of 453%.

What is the land classification for Mangesh Street?

Mangesh Street is classified as Mixed Special Type - II, which indicates the type of development permitted in this area.

Where is the Thiyagaraya nagar Sub Registrar Office located?

The Thiyagaraya nagar Sub Registrar Office is located at 27/14, Vetnari Hospital Road, Panpet Nandhanam, Chennai-35.

How is the stamp duty calculated for properties in Mangesh Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 1,32,00,000 would incur a stamp duty of Rs 9,24,000 at a rate of 7%.