Guideline Value for Mangai Nagar

Mangai Nagar guideline value

The current guideline value of Mangai Nagar is Rs 4,900 per sq.ft, effective from 1 July 2024. This area is located in Kodambakkam village and falls under the Ashok Nagar SRO, classified as Residential Class III Type - II.

How the guideline value of Mangai Nagar has changed

The guideline value for Mangai Nagar has seen several revisions over the years. In 2007, the value was Rs 1,210 per sq.ft, which increased significantly to Rs 4,500 per sq.ft in 2012. However, this value dropped to Rs 3,015 per sq.ft in 2017. Following that, the value rose to Rs 4,500 per sq.ft in 2023 and is currently set at Rs 4,900 per sq.ft from the 2024 revision. The changes between these revisions are notable; from 2017 to 2023, there was a 49% increase, while the jump from 2023 to 2024 represents a 9% rise. The overall increase from 2007 to 2024 is 305%.

The register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Kodambakkam

Kodambakkam village has a total of 1,031 streets under the Ashok Nagar SRO, with the 2024 guideline values ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median value is Rs 4,900 per sq.ft, which is the same as the current guideline value for Mangai Nagar.

• Mangai Street: Rs 4,900 per sq.ft (2024)
• Malligaipoo Nagar: Rs 4,900 per sq.ft (2024)
• Manickam Street (Muthurangam Block): Rs 4,100 per sq.ft (2024)
• Manickam Street (W.M): Rs 5,500 per sq.ft (2024)
• Manikkavasagar Street: Rs 4,100 per sq.ft (2024)
• Manimegalai Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Mangai Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 4,900 per sq.ft, the total guideline value amounts to Rs 49,00,000. The stamp duty at 7% would be Rs 3,43,000, and the registration fee at 2% would be Rs 98,000, bringing the total fees to Rs 4,41,000. It is important to note that the 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 information.

Which Sub Registrar Office covers Mangai Nagar?

The Sub Registrar Office that covers Mangai Nagar is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more details.

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

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

Understanding the guideline value is essential for both buyers and sellers, as it ensures compliance with the legal requirements during property transactions. It helps in accurately calculating the fees involved, thereby facilitating a smooth registration process.

Frequently asked questions

What is the current guideline value of Mangai Nagar?

The current guideline value of Mangai Nagar is Rs 4,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,210 per sq.ft in 2007 to Rs 4,900 per sq.ft in 2024, reflecting a total increase of 305% over the years.

What is the registration office for Mangai Nagar?

The registration office for Mangai Nagar is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

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

For a property valued at Rs 49,00,000, the stamp duty would be Rs 3,43,000, and the registration fee would be Rs 98,000, totaling Rs 4,41,000.

Are there other streets with the same guideline value in Kodambakkam?

Yes, other streets in Kodambakkam, such as Mangai Street and Malligaipoo Nagar, also have a guideline value of Rs 4,900 per sq.ft for 2024.