Guideline Value for Neem County

Neem County guideline value

The current guideline value of Neem County is Rs 103 per sq.ft, effective from 1 July 2024. This area is located in Munnuthikuppam village, under the Madurandakam SRO. The land classification for this property is Residential Special Type - I.

How the guideline value of Neem County has changed

The guideline value of Neem County has undergone several revisions over the years. Starting from the 2007 revision, the value was Rs 25 per sq.ft. This increased to Rs 75 per sq.ft in 2012, before decreasing to Rs 50 per sq.ft in 2017. The value then saw a significant rise to Rs 100 per sq.ft in 2023, and finally, it reached Rs 103 per sq.ft in the 2024 revision. The register has no figure for the years 2002 and 2003 for this street.

In terms of percentage changes, the guideline value increased by 200% from 2007 to 2012, decreased by 33% from 2012 to 2017, and then increased by 100% from 2017 to 2023. The change from 2023 to 2024 was an increase of 3%. Overall, from 2007 to 2024, the guideline value has increased by 312%.

Guideline values in Munnuthikuppam

Currently, there are no specific guideline values provided for other streets in Munnuthikuppam under the Madurandakam SRO. Therefore, this section will focus solely on Neem County.

Stamp duty and registration fee for property in Neem County

For a 1,000 sq.ft plot at the current rate of Rs 103 per sq.ft, the guideline value amounts to Rs 1,03,000. The stamp duty at 7% would be Rs 7,210, and the registration fee at 2% would be Rs 2,060, making the total Rs 9,270. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Neem County?

The Sub Registrar Office that covers Neem County is the Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Munnuthikuppam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Neem County?

The current guideline value of Neem County is Rs 103 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, starting from Rs 25 per sq.ft in 2007 to Rs 103 per sq.ft in 2024, marking an overall increase of 312%.

What are the stamp duty and registration fees for property in Neem County?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot valued at Rs 1,03,000, the total fees would amount to Rs 9,270.

Which office handles property registration for Neem County?

The Madurandakam Sub Registrar Office handles property registration for Neem County, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone.

How is the guideline value determined for property transactions?

The guideline value is determined based on the revisions made by the Registration Department and is used to calculate the stamp duty and registration fees for property transactions. It is compared to the sale price, and the higher amount is used for fee calculations.