Guideline Value for Neo City

Neo City guideline value

The current guideline value of Neo City, located in Manimangalam A village under the Padappai SRO, is Rs 550 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class III Type - I.

How the guideline value of Neo City has changed

The guideline value for Neo City has seen several revisions over the years. The earliest recorded figure is from the 2017 revision, which was Rs 335 per sq.ft. This increased significantly to Rs 500 per sq.ft in the 2023 revision, marking a 49% rise. The latest revision in 2024 sees a further increase to Rs 550 per sq.ft, which is a 10% rise from the previous year.

There are no figures available for the years 2002, 2003, 2007, and 2012 in the register for this street. Overall, from 2017 to 2024, the guideline value has increased by 64%.

Guideline values in Manimangalam A

In Manimangalam A, there are 112 streets under the Padappai SRO that have a 2024 guideline value ranging from Rs 550 to Rs 2,500 per sq.ft, with a median value of Rs 880 per sq.ft. The guideline value for Neo City is below this median.

• Oli Mohammed Nagar: Rs 770 per sq.ft (2024)
• Nadu Perumal Koil Street: Rs 880 per sq.ft (2024)
• Palayakkara Street: Rs 880 per sq.ft (2024)
• Palayathamman Nagar: Rs 770 per sq.ft (2024)
• Mudichur Manimangalam Road: Rs 880 per sq.ft (2024)
• M.S.Subhulakshmi Nagar: Rs 1,430 per sq.ft (2024)

Stamp duty and registration fee for property in Neo City

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value would be Rs 5,50,000. The stamp duty at 7% would be Rs 38,500, and the registration fee at 2% would be Rs 11,000, bringing the total to Rs 49,500. 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 details.

Which Sub Registrar Office covers Neo City?

Neo City falls under the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is an essential factor in the registration process of property transactions in Manimangalam A. It determines the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value serves as a benchmark for both buyers and sellers. It is crucial to be aware of the current guideline value to ensure compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of Neo City?

The current guideline value of Neo City is Rs 550 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2017?

Since 2017, the guideline value has increased from Rs 335 per sq.ft to Rs 550 per sq.ft, which is an overall increase of 64%.

What are the stamp duty and registration fees for property in Neo City?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 5,50,000, the total fees would be Rs 49,500.

Which office handles property registration for Neo City?

The Padappai Sub Registrar Office handles property registration for Neo City, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai.

Are there other streets in Manimangalam A with different guideline values?

Yes, there are several other streets in Manimangalam A with different guideline values, ranging from Rs 550 to Rs 2,500 per sq.ft.