Guideline Value for Mangala Nagar

Mangala Nagar guideline value

The current guideline value of Mangala Nagar is Rs 3,600 per sq.ft, effective from 1 July 2024. This area is located in Maduravoyal village, under the Virugambakkam SRO, and is classified as Residential Class I Type - II.

How the guideline value of Mangala Nagar has changed

The guideline value for Mangala Nagar has seen significant changes over the years. In 2002, the value was Rs 216 per sq.ft, which increased to Rs 237 per sq.ft in 2003, marking a 10% rise. The value then surged dramatically to Rs 2,100 per sq.ft in 2007, representing an increase of 786%. Following this, the value was revised to Rs 3,250 per sq.ft in 2012, which was a decrease of 33% from the previous revision. The guideline value remained at Rs 3,250 per sq.ft until it was revised to Rs 2,177 per sq.ft in 2017, reflecting a 49% increase. The most recent revision in 2023 set the value at Rs 3,250 per sq.ft, which was then increased to Rs 3,600 per sq.ft in 2024, an 11% rise.

There are no figures available for the revisions of the years not listed in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 1,567%.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median value is Rs 3,050 per sq.ft, placing Mangala Nagar's 2024 figure above this median.

• Mahalakshmi Street: Rs 3,050 per sq.ft (2024)
• Mahalakshmi Avenue: Rs 3,050 per sq.ft (2024)
• Madurai Naicken Road 1st Cross Street: Rs 2,750 per sq.ft (2024)
• Madhurai Naicken Street: Rs 2,750 per sq.ft (2024)
• Madha Avenue: Rs 2,750 per sq.ft (2024)
• Metro Nagar 1st Cross Street: Rs 3,050 per sq.ft (2024)

Stamp duty and registration fee for property in Mangala Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,600 per sq.ft, the total guideline value is Rs 36,00,000. The stamp duty at 7% would be Rs 2,52,000, and the registration fee at 2% would be Rs 72,000, making the total cost Rs 3,24,000. 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 detailed calculations.

Which Sub Registrar Office covers Mangala Nagar?

The Sub Registrar Office that covers Mangala Nagar is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Maduravoyal. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction. Buyers and sellers must ensure that the sale price is in line with the guideline value to avoid any discrepancies during the registration process.

When a property is registered, the guideline value is used to calculate the applicable taxes, ensuring that the government receives the correct revenue. This means that both buyers and sellers should be aware of the current guideline value to facilitate a smooth transaction.

Frequently asked questions

What is the current guideline value of Mangala Nagar?

The current guideline value of Mangala Nagar is Rs 3,600 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 216 in 2002 to Rs 3,600 in 2024, reflecting a total increase of 1,567% over this period.

What is the stamp duty rate for property in Mangala Nagar?

The stamp duty rate for property in Mangala Nagar is 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Mangala Nagar located?

The Sub Registrar Office for Mangala Nagar is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What are the other streets in Maduravoyal with their guideline values?

Other streets in Maduravoyal include Mahalakshmi Street and Mahalakshmi Avenue at Rs 3,050 per sq.ft, and Madurai Naicken Road 1st Cross Street, Madhurai Naicken Street, and Madha Avenue at Rs 2,750 per sq.ft.