Guideline Value for Metro Square

Metro Square guideline value

The current guideline value of Metro Square, located in Neelamangalam village under the Gooduvancheri SRO, is Rs 600 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class IV Type - II land classification.

How the guideline value of Metro Square has changed

The guideline value for Metro Square has undergone several revisions over the years. The earliest available figure is from 2017, which was Rs 402 per sq.ft. This value remained unchanged until the 2023 revision, where it was updated to Rs 600 per sq.ft. The 2024 revision also maintains this value at Rs 600 per sq.ft, indicating no change from the previous year. Notably, there are no figures available for the years 2002, 2003, 2007, and 2012 for this street.

In terms of percentage changes, the guideline value increased by 49% from 2017 to 2023, and overall, from 2017 to 2024, it has also increased by 49%. The consistent value of Rs 600 per sq.ft in the last two revisions signifies stability in the guideline value for this location.

Guideline values in Neelamangalam

In Neelamangalam, there are 41 streets under the Gooduvancheri SRO that carry a 2024 guideline value ranging from Rs 400 to Rs 2,000 per sq.ft. The median guideline value in the village is Rs 600 per sq.ft, which is equal to the 2024 figure for Metro Square. Below are the guideline values for other streets in Neelamangalam:

• Mupathamman Nagar: Rs 600 per sq.ft (2024)
• Malar Avenue: Rs 500 per sq.ft (2024)
• Namann nagar: Rs 500 per sq.ft (2024)
• Namann nagar Extension: Rs 500 per sq.ft (2024)
• Madhan Square: Rs 500 per sq.ft (2024)
• Nayantarra Avenue: Rs 2,000 per sq.ft (2024)

Stamp duty and registration fee for property in Metro Square

For a 1,000 sq.ft plot at the current guideline value of Rs 600 per sq.ft, the total guideline value would be Rs 6,00,000. The stamp duty at 7% would amount to Rs 42,000, and the registration fee at 2% would be Rs 12,000. Therefore, the total cost for stamp duty and registration fee would be Rs 54,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Metro Square?

Metro Square falls under the jurisdiction of the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvanchery-603202, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Neelamangalam. It serves as a benchmark for determining the stamp duty and registration fees that buyers and sellers must pay when completing a property transaction.

When a property is bought or sold, the guideline value helps ensure that the transaction is recorded accurately and that the appropriate taxes are levied. This process is essential for maintaining transparency and legality in real estate dealings.

Frequently asked questions

What is the current guideline value of Metro Square?

The current guideline value of Metro Square is Rs 600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Metro Square has remained at Rs 600 per sq.ft since the 2023 revision. Before that, it was Rs 402 per sq.ft in 2017, marking a 49% increase over the years.

What are the other streets in Neelamangalam with their guideline values?

Other streets in Neelamangalam include Mupathamman Nagar at Rs 600 per sq.ft, Malar Avenue, Namann nagar, Namann nagar Extension, and Madhan Square at Rs 500 per sq.ft, and Nayantarra Avenue at Rs 2,000 per sq.ft.

What fees are associated with buying property in Metro Square?

When buying property in Metro Square, buyers must pay stamp duty at 7% and a registration fee at 2% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Metro Square located?

The Gooduvancheri Sub Registrar Office, which covers Metro Square, is located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvanchery-603202, Chengalpattu registration zone.