Guideline Value for Mangammal Street

Mangammal Street guideline value

The current guideline value of Mangammal Street in Muthiyalpet village is Rs 4,400 per sq.ft, effective from 1 July 2024. This street falls under the jurisdiction of the Sowcarpet Sub Registrar Office and is classified as Residential Class I Type - I.

How the guideline value of Mangammal Street has changed

The guideline value of Mangammal Street has seen several revisions over the years. In 2003, the value was Rs 1,057 per sq.ft, which increased to Rs 1,200 per sq.ft in 2007, marking a growth of 14%. The value then rose significantly to Rs 4,000 per sq.ft in 2012, reflecting a 233% increase. However, it dropped to Rs 2,680 per sq.ft in 2017, a decrease of 33%. The most recent revision in 2023 set the value at Rs 4,000 per sq.ft, before it increased to Rs 4,400 per sq.ft in 2024, a rise of 10%.

Overall, from 2003 to 2024, the guideline value has increased by 316%. It is important to note that there is no figure available for Mangammal Street in the 2002 revision.

Guideline values in Muthiyalpet

Muthiyalpet village has a total of 357 streets under the Sowcarpet SRO, with guideline values ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, which is equal to the current value of Mangammal Street.

• Mangammal Street 1st Lane: 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

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. 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 accurate calculations based on your specific property details.

Which Sub Registrar Office covers Mangammal Street?

The Mangammal Street is covered by the Sowcarpet Sub Registrar Office located at No.11, Davidson Street, Sowcarpet, Chennai-01. For more information, you can find your SRO.

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

The guideline value plays a crucial role during the registration of property transactions in Muthiyalpet. When buying or selling property, the registration office uses the guideline value to determine the applicable stamp duty and registration fees.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly affects the financial obligations involved in property transactions. Ensuring that the property is registered at the correct guideline value helps in maintaining transparency and compliance with local regulations.

Frequently asked questions

What is the current guideline value of Mangammal Street?

The current guideline value of Mangammal Street 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 significantly, 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 this period.

What is the role of the Sowcarpet SRO?

The Sowcarpet Sub Registrar Office is responsible for the registration of property transactions in the area, including Mangammal Street. It ensures compliance with local regulations and determines applicable fees based on the guideline value.

How is stamp duty calculated on properties?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, if the guideline value is Rs 44,00,000, the stamp duty at 7% would be Rs 3,08,000.

Where can I find more information on guideline values?

For detailed information on guideline values, you can refer to the Registration Department's guideline value register or visit the relevant links provided for each street in Muthiyalpet.