Guideline Value for Mangadu Sami Street

Mangadu Sami Street guideline value

The current guideline value of Mangadu Sami Street is Rs 8,800 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village and falls under the Chennai Central Joint II SRO. The land classification for this area is Residential Special Type - II.

How the guideline value of Mangadu Sami Street has changed

The guideline value for Mangadu Sami Street has experienced significant changes over the years. The earliest recorded revision was in 2007, where the guideline value was Rs 3,000 per sq.ft. This increased to Rs 8,000 per sq.ft in 2012, marking a substantial rise of 167%. However, between 2012 and 2017, the value dropped to Rs 5,360 per sq.ft, a decrease of 33%. The value then rose again to Rs 8,000 per sq.ft in 2023, and most recently, it has increased to Rs 8,800 per sq.ft in 2024, reflecting a 10% increase.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2007 to 2024, the guideline value has increased by 193%. It is important to note that the register has no figures for Mangadu Sami Street for the years 2002 and 2003.

Guideline values in Nungambakkam

Nungambakkam village has a total of 270 streets under the Chennai Central Joint II SRO, with guideline values ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, which is equal to the current value of Mangadu Sami Street.

• Makkis Garden Street: Rs 9,900 per sq.ft (2024)
• Makkis Garden 2nd Street: Rs 9,900 per sq.ft (2024)
• Makkis Garden 1st Street: Rs 9,900 per sq.ft (2024)
• Mansion Sight: Rs 8,800 per sq.ft (2024)
• Mahalingam Road 2nd Cross Street: Rs 8,800 per sq.ft (2024)
• Mahalingam Road 1st Cross St: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Mangadu Sami Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value amounts to Rs 88,00,000. The stamp duty at 7% would be Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, bringing the total fees together to Rs 7,92,000. It is important to note that the stamp 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 Mangadu Sami Street?

The Sub Registrar Office that covers Mangadu Sami Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Nungambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider the guideline value to understand the legal implications and costs associated with the transaction.

When registering a property, the guideline value is used to calculate the stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions, and it also helps in maintaining transparency in real estate dealings.

Frequently asked questions

What is the current guideline value of Mangadu Sami Street?

The current guideline value of Mangadu Sami Street is Rs 8,800 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 3,000 per sq.ft in 2007 to Rs 8,800 per sq.ft in 2024, reflecting an overall increase of 193% over this period.

What are the stamp duty rates for properties in Mangadu Sami Street?

The stamp duty rate for properties in Mangadu Sami Street is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Mangadu Sami Street?

The Sub Registrar Office for Mangadu Sami Street is located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

How is the guideline value determined?

The guideline value is determined based on various factors, including land classification and comparisons with other streets in the same area. It is periodically revised by the Registration Department to reflect current market conditions.