Guideline Value for SARVAMANGALA NAGAR

Sarvamangala Nagar guideline value

The current guideline value of Sarvamangala Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024. This area is located in Pallikaranai village and falls under the Chennai South Joint I SRO. The land classification for this street is Residential Class IV Type - II.

How the guideline value of Sarvamangala Nagar has changed

Over the years, the guideline value of Sarvamangala Nagar has seen several revisions. The earliest recorded revision is from 2012, where the value was Rs 1,200 per sq.ft. This was followed by a decrease to Rs 804 per sq.ft in 2017. The 2023 revision marked an increase to Rs 1,200 per sq.ft, and the most recent revision in 2024 raised it to Rs 1,320 per sq.ft.

In terms of percentage changes, the guideline value increased by 10% from 2023 to 2024. There was a significant increase of 49% from 2017 to 2023, while the value decreased by 33% from 2012 to 2017. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO carrying a 2024 guideline value, ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, making the 2024 figure for Sarvamangala Nagar below this median.

• Sathiya Moorthy Nagar: Rs 1,320 per sq.ft (2024)
• Sathiyaseeli Nagar: Rs 1,320 per sq.ft (2024)
• Sathyamoorthy Colony: Rs 1,110 per sq.ft (2024)
• Santhi Jeevi Nagar Extn.: Rs 1,320 per sq.ft (2024)
• Salphan Kuttai Street: Rs 1,980 per sq.ft (2024)
• Salphan Kuttai Main Road Extn: Rs 1,980 per sq.ft (2024)

Stamp duty and registration fee for property in Sarvamangala Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value would be Rs 13,20,000. The stamp duty at 7% would amount to Rs 92,400, and the registration fee at 2% would be Rs 26,400, bringing the total to Rs 1,18,800. Please note that the duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sarvamangala Nagar?

The Sub Registrar Office that covers Sarvamangala Nagar is the Chennai South Joint I 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 information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Pallikaranai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Sarvamangala Nagar?

The current guideline value of Sarvamangala Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then back to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,320 per sq.ft in 2024.

What is the land classification of Sarvamangala Nagar?

Sarvamangala Nagar is classified as Residential Class IV Type - II.

Where can I find the Sub Registrar Office for Sarvamangala Nagar?

The Sub Registrar Office for Sarvamangala Nagar is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is the stamp duty calculated for properties in Sarvamangala Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 92,400.