Guideline Value for Mangala Lakshmi Nagar

Mangala Lakshmi Nagar guideline value

The current guideline value of Mangala Lakshmi Nagar is Rs 3,520 per sq.ft, effective from 1 July 2024. This area is located in Madanandapuram village under the Kunrathur Sub Registrar Office (SRO). The land classification for this locality is Residential Special Type - II.

How the guideline value of Mangala Lakshmi Nagar has changed

The guideline value for Mangala Lakshmi Nagar has undergone several revisions over the years. In the 2007 revision, the guideline value was Rs 1,200 per sq.ft. This increased significantly to Rs 3,200 per sq.ft in the 2012 revision, marking a 167% rise. However, in the 2017 revision, it decreased to Rs 2,144 per sq.ft, a decline of 33%. The value then rose to Rs 3,200 per sq.ft in the 2023 revision, followed by a further increase to Rs 3,520 per sq.ft in the 2024 revision, which is a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 193%. The register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Madanandapuram

Madanandapuram village has 94 streets under the Kunrathur SRO, with guideline values ranging from Rs 2,530 to Rs 5,830 per sq.ft. The median guideline value for the village is Rs 3,520 per sq.ft, which is the same as the current value for Mangala Lakshmi Nagar.

• Maran Avenue: Rs 3,960 per sq.ft (2024)
• Mahalakshmi Nagar Annuxe/ Extension: Rs 3,520 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 3,960 per sq.ft (2024)
• Madha Nagar Extension V: Rs 3,960 per sq.ft (2024)
• Madha Nagar Extension IV: Rs 3,960 per sq.ft (2024)
• Madha Nagar Extension III: Rs 3,960 per sq.ft (2024)

Stamp duty and registration fee for property in Mangala Lakshmi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,520 per sq.ft, the total guideline value amounts to Rs 35,20,000. The stamp duty at 7% would be Rs 2,46,400, and the registration fee at 2% would be Rs 70,400, bringing the total fees together to Rs 3,16,800. 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 accurate calculations.

Which Sub Registrar Office covers Mangala Lakshmi Nagar?

The Sub Registrar Office that covers Mangala Lakshmi Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. For more information, you can find your SRO.

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

The guideline value is crucial when registering property in Madanandapuram. It determines the minimum value at which a property can be registered, ensuring that the state collects appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value serves as a reference point for both parties involved in the transaction. It is essential to be aware of the current guideline value to ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Mangala Lakshmi Nagar?

The current guideline value of Mangala Lakshmi Nagar is Rs 3,520 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, from Rs 1,200 per sq.ft in 2007 to Rs 3,520 per sq.ft in 2024, reflecting an overall increase of 193% since 2007.

What is the land classification for Mangala Lakshmi Nagar?

The land classification for Mangala Lakshmi Nagar is Residential Special Type - II.

Which Sub Registrar Office covers this area?

The Kunrathur Sub Registrar Office covers Mangala Lakshmi Nagar, located at No.59, Road Street, Kundrathur, Chennai -600 069.

How is stamp duty calculated for properties in Mangala Lakshmi Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, on a property valued at Rs 35,20,000, the stamp duty would be Rs 2,46,400 at 7%.