Guideline Value for Mangammal Street 1st Lane

Mangammal Street 1st Lane guideline value

The current guideline value of Mangammal Street 1st Lane is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village and falls under the Sowcarpet SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Mangammal Street 1st Lane has changed

The guideline value for Mangammal Street 1st Lane has seen several revisions over the years. The earliest recorded figure is from 2003, at Rs 1,057 per sq.ft. This value increased to Rs 1,200 per sq.ft in 2007, marking a 14% rise. In 2012, the guideline value was Rs 4,000 per sq.ft, which represented a significant increase of 233% from the previous revision. However, in 2017, it dropped to Rs 2,680 per sq.ft, reflecting a decrease of 33%. The value then rose to Rs 4,000 per sq.ft in 2023, a 49% increase, and finally reached Rs 4,400 per sq.ft in 2024, showing a 10% increase from the previous year.

It is important to note that the register has no figure for this street in 2002. Overall, from 2003 to 2024, the guideline value has increased by 316%.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO that carry a 2024 guideline value ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, which is the same as the guideline value for Mangammal Street 1st Lane.

• Mangammal Street: Rs 4,400 per sq.ft (2024)
• ManiKanda Mudali Street: Rs 4,400 per sq.ft (2024)
• Managgappan Street: Rs 4,400 per sq.ft (2024)
• Mannarsamy Street (Pakoda Street): Rs 4,400 per sq.ft (2024)
• Mannar Street: Rs 4,400 per sq.ft (2024)
• Malaiyappan Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Mangammal Street 1st Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty, charged at 7%, would amount to Rs 3,08,000, while the registration fee at 2% would be Rs 88,000. Together, the total cost for stamp duty and registration fee would be Rs 3,96,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Mangammal Street 1st Lane?

The Sub Registrar Office that covers Mangammal Street 1st Lane is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Muthiyalpet. It serves as a reference point for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the buyer must ensure that the sale price is either equal to or higher than the guideline value to avoid discrepancies during registration. This ensures that all parties are aware of the financial obligations involved in the property transaction.

Frequently asked questions

What is the current guideline value of Mangammal Street 1st Lane?

The current guideline value of Mangammal Street 1st Lane is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,057 per sq.ft in 2003 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 316% over the years.

What is the land classification for Mangammal Street 1st Lane?

The land classification for Mangammal Street 1st Lane is Residential Class I Type - I.

What is the stamp duty for property in Mangammal Street 1st Lane?

The stamp duty for property in Mangammal Street 1st Lane is 7% of the guideline value or sale price, whichever is higher.

Which office handles registrations for Mangammal Street 1st Lane?

The Sowcarpet Sub Registrar Office handles registrations for Mangammal Street 1st Lane, located at No.11, Davidson Street, Sowcarpet, Chennai-01.