Guideline Value for Mangali Neethiman Nagar 1st Street

Mangali Neethiman Nagar 1st Street guideline value

The current guideline value of Mangali Neethiman Nagar 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Kolathur village and falls under the Sembiam SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Mangali Neethiman Nagar 1st Street has changed

The guideline value for Mangali Neethiman Nagar 1st Street has undergone several revisions over the years. In 2007, the value was Rs 1,000 per sq.ft, which increased significantly to Rs 3,000 per sq.ft in 2012, marking a 200% increase. However, it then decreased to Rs 2,010 per sq.ft in 2017, a drop of 33%. The value saw a substantial rise to Rs 3,000 per sq.ft in 2023, followed by a further increase to the current rate of Rs 3,300 per sq.ft in 2024, reflecting a 10% rise.

Notably, there are no figures available for the years 2002 and 2003 in the register for this street. Overall, the guideline value has increased by 230% from Rs 1,000 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, which matches the current guideline value of Mangali Neethiman Nagar 1st Street.

• Mangali Neethiman Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Mangali Neethiman Nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Mangali Neethiman Nagar 4th Street: Rs 3,300 per sq.ft (2024)
• Mangali Neethiman Nagar 5th Street: Rs 3,300 per sq.ft (2024)
• Mangali Neethiman Nagar 6th Street: Rs 3,300 per sq.ft (2024)
• Mangali Neethiman Nagar 7th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Mangali Neethiman Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mangali Neethiman Nagar 1st Street?

The Sub Registrar Office that covers Mangali Neethiman Nagar 1st Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Kolathur, as it determines the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees, ensuring that the transaction is documented accurately and legally.

When a property is sold, the guideline value serves as a benchmark for the transaction. Buyers and sellers must be aware that the stamp duty is charged based on the higher of the guideline value or the sale price, which can affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Mangali Neethiman Nagar 1st Street?

The current guideline value of Mangali Neethiman Nagar 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 230% over the years.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which Sub Registrar Office handles registrations for this street?

The Sembiam Sub Registrar Office at 5, Papermills Road, Sembiam, Chennai - 600011, handles registrations for Mangali Neethiman Nagar 1st Street.

What is the land classification for Mangali Neethiman Nagar 1st Street?

The land classification for Mangali Neethiman Nagar 1st Street is Residential Class I Type - I.