Guideline Value for Mangaliamman Koil Street

Mangaliamman Koil Street guideline value

The current guideline value of Mangaliamman Koil Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Parangimalai village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Mangaliamman Koil Street has changed

The guideline value for Mangaliamman Koil Street has undergone several revisions over the years. In 2002, the guideline value was Rs 276 per sq.ft, which increased to Rs 346 per sq.ft in 2003. Following this, the value rose significantly to Rs 800 per sq.ft in 2007, and then saw a substantial increase to Rs 3,000 per sq.ft in 2012. However, it dropped to Rs 2,010 per sq.ft in 2017, before rising again to Rs 3,000 per sq.ft in 2023. The latest revision in 2024 set the guideline value at Rs 3,300 per sq.ft.

Between these revisions, notable changes include a 25% increase from 2002 to 2003, a 131% increase from 2003 to 2007, a 275% increase from 2007 to 2012, a 33% decrease from 2012 to 2017, a 49% increase from 2017 to 2023, and a 10% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 1,096%.

Guideline values in Parangimalai

In Parangimalai village, there are 233 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 11,000 per sq.ft, with a median value of Rs 3,850 per sq.ft. The guideline value for Mangaliamman Koil Street is below this median.

• Mandi Street: Rs 2,750 per sq.ft (2024)
• Malai Street: Rs 2,750 per sq.ft (2024)
• Margo Lane: Rs 3,300 per sq.ft (2024)
• Margo Street: Rs 3,300 per sq.ft (2024)
• Mariyapuram: Rs 3,300 per sq.ft (2024)
• Market Lane: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Mangaliamman Koil Street

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

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mangaliamman Koil Street?

The Sub Registrar Office that covers Mangaliamman Koil Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more details.

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

The guideline value is a crucial factor during property registration in Parangimalai. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring transparency in transactions. Buyers and sellers must consider this value when negotiating sale prices, as it directly influences the applicable stamp duty and registration fees.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for the legal transfer of ownership. This ensures that all transactions are conducted fairly and in accordance with the regulations set by the state.

Frequently asked questions

What is the current guideline value of Mangaliamman Koil Street?

The current guideline value of Mangaliamman Koil 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 seen significant changes, increasing from Rs 276 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 1,096%.

What are the stamp duty and registration fees for properties in Mangaliamman Koil Street?

The stamp duty is 7% and the registration fee is 2% of the guideline value. For a 1,000 sq.ft plot, the total fees would amount to Rs 2,97,000.

Which Sub Registrar Office covers Mangaliamman Koil Street?

The Chennai South Joint II Sub Registrar Office covers Mangaliamman Koil Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What is the land classification of Mangaliamman Koil Street?

The land classification for Mangaliamman Koil Street is Residential Class II Type - II.