Guideline Value for Mangali Neethiman Nagar 3rd Street

Mangali Neethiman Nagar 3rd Street guideline value

The current guideline value of Mangali Neethiman Nagar 3rd Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Kolathur village, under the Sembiam SRO, and is classified as Residential Class I Type - I.

How the guideline value of Mangali Neethiman Nagar 3rd Street has changed

The guideline value for Mangali Neethiman Nagar 3rd Street has seen several revisions over the years. The earliest recorded revision was in 2007, where the guideline value was Rs 1,000 per sq.ft. This value increased significantly to Rs 3,000 per sq.ft in the 2012 revision, remaining unchanged until the 2023 revision, where it was again Rs 3,000 per sq.ft. The most recent revision in 2024 saw a rise to Rs 3,300 per sq.ft, marking a 10% increase from the previous year.

Between the 2007 and 2012 revisions, there was a substantial increase of 200%, leading to an overall increase of 230% from the 2007 revision to the current 2024 value. The register does not have figures for the years 2002, 2003, and 2017 for this street.

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, with the median value being Rs 3,300 per sq.ft. Mangali Neethiman Nagar 3rd Street's 2024 guideline value aligns with this median.

• Mangali Neethiman Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Mangali Neethiman Nagar 4th Street: Rs 3,300 per sq.ft (2024)
• Mangali Neethiman Nagar 1st 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 3rd 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, leading to a total of 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.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mangali Neethiman Nagar 3rd Street?

The Sub Registrar Office that covers Mangali Neethiman Nagar 3rd 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 in the registration process when buying or selling property in Kolathur. It serves as a benchmark for determining the stamp duty and registration fees that are applicable during the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two amounts is used to calculate the applicable duties and fees. This ensures that the registration reflects the true value of the property being transacted.

Frequently asked questions

What is the current guideline value of Mangali Neethiman Nagar 3rd Street?

The current guideline value of Mangali Neethiman Nagar 3rd 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 increased from Rs 1,000 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, marking a total increase of 230% over this period.

What is the land classification for Mangali Neethiman Nagar 3rd Street?

Mangali Neethiman Nagar 3rd Street is classified as Residential Class I Type - I.

Where can I find the Sembiam Sub Registrar Office?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011.

How is stamp duty calculated for properties in Kolathur?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. This ensures that the registration fees reflect the true value of the property being bought or sold.