Guideline Value for Submangala Avenue

Submangala Avenue guideline value

The current guideline value of Submangala Avenue is Rs 770 per sq.ft, effective from 1 July 2024. This street is located in Mannivakkam village under the Gooduvancheri SRO and is classified as Residential Class II Type - I.

How the guideline value of Submangala Avenue has changed

The guideline value for Submangala Avenue has undergone several revisions over the years. The earliest recorded value in 2007 was Rs 250 per sq.ft. This increased significantly to Rs 700 per sq.ft in 2012, reflecting a rise of 180%. However, the value dropped to Rs 469 per sq.ft in 2017, marking a decrease of 33%. The following revision in 2023 saw a substantial increase to Rs 700 per sq.ft, and the most recent revision in 2024 has set the value at Rs 770 per sq.ft, which is a 10% increase from the previous year.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 208%.

Guideline values in Mannivakkam

In Mannivakkam, there are 118 streets under the Gooduvancheri SRO, with guideline values in 2024 ranging from Rs 330 to Rs 4,300 per sq.ft. The median guideline value in this area is Rs 1,215 per sq.ft, indicating that Submangala Avenue's 2024 figure is below this median.

• Sri Vishnu Nagar: Rs 1,100 per sq.ft (2024)
• Sundar Nagar: Rs 1,320 per sq.ft (2024)
• Sundar Nagar Extn: Rs 1,320 per sq.ft (2024)
• Sri Venkateswara Nagar Extn: Rs 1,100 per sq.ft (2024)
• Sunshine Nagar: Rs 1,100 per sq.ft (2024)
• Sun Ville: Rs 3,450 per sq.ft (2024)

Stamp duty and registration fee for property in Submangala Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 770 per sq.ft, the total guideline value would be Rs 7,70,000. The stamp duty at 7% would amount to Rs 53,900, while the registration fee at 2% would be Rs 15,400, bringing the total fees together to Rs 69,300. 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 more detailed calculations.

Which Sub Registrar Office covers Submangala Avenue?

The Sub Registrar Office covering Submangala Avenue is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Mannivakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately and transparently.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. Buyers must pay these fees based on the higher of the guideline value or the agreed sale price, ensuring that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Submangala Avenue?

The current guideline value of Submangala Avenue is Rs 770 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 250 per sq.ft in 2007 to Rs 770 per sq.ft in 2024, reflecting an overall increase of 208% over the years.

What are the other streets in Mannivakkam and their guideline values?

Other streets in Mannivakkam include Sri Vishnu Nagar at Rs 1,100 per sq.ft, Sundar Nagar at Rs 1,320 per sq.ft, and Sun Ville at Rs 3,450 per sq.ft, among others.

What fees are associated with buying property in Submangala Avenue?

When buying property in Submangala Avenue, buyers must pay stamp duty at 7% and a registration fee at 2% based on the higher of the guideline value or the sale price.

Where can I find the Sub Registrar Office for Submangala Avenue?

The Sub Registrar Office for Submangala Avenue is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202.