Guideline Value for Survey No.405/1A1, 405/1B

Survey No.405/1A1, 405/1B guideline value

The current guideline value for Survey No.405/1A1, 405/1B is Rs 1,300 per sq.ft, effective from 1 July 2024. This property is located in Madhavaram village, under the Madhavaram SRO, and falls under the Residential Class III Type - I land classification.

How the guideline value of Survey No.405/1A1, 405/1B has changed

The guideline value for this property has seen several revisions over the years. The earliest recorded revision was in 2002, 2003, 2007, and 2017, for which the register has no figure for this street. In 2012, the guideline value was Rs 1,200 per sq.ft, which increased to Rs 1,300 per sq.ft in the 2024 revision, marking an increase of 8% from the 2012 figure.

Thus, the only two revisions with figures are from 2012 and 2024, with the 2024 value being higher than the previous one. The guideline value has remained consistent at Rs 1,300 per sq.ft since the latest revision.

Guideline values in Madhavaram

In Madhavaram, the 2024 guideline values for streets vary significantly, ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. The guideline value for Survey No.405/1A1, 405/1B is below the median for the village.

• Survey No.502: Rs 3,300 per sq.ft (2024)
• Survey No.1326/2B: Rs 1,300 per sq.ft (2024)
• Survey No.503/1: Rs 3,300 per sq.ft (2024)
• Survey No.508/2: Rs 1,300 per sq.ft (2024)
• Survey No.508/3: Rs 1,300 per sq.ft (2024)
• Survey No.513, 514/1: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Survey No.405/1A1, 405/1B

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total to Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Survey No.405/1A1, 405/1B?

The Sub Registrar Office that covers Survey No.405/1A1, 405/1B is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060, in the Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Madhavaram. 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 as per the government standards.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both buyers and sellers are aware of the financial obligations involved in the transaction, based on the established guideline values.

Frequently asked questions

What is the current guideline value for Survey No.405/1A1, 405/1B?

The current guideline value for Survey No.405/1A1, 405/1B is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for this property was Rs 1,200 per sq.ft in 2012 and increased to Rs 1,300 per sq.ft in 2024, representing an 8% increase. The register has no figures for the years 2002, 2003, 2007, 2017, and 2023.

What is the land classification for Survey No.405/1A1, 405/1B?

Survey No.405/1A1, 405/1B falls under the Residential Class III Type - I land classification.

What are the stamp duty and registration fees for this property?

For a 1,000 sq.ft plot, the total guideline value is Rs 13,00,000. The stamp duty at 7% is Rs 91,000, and the registration fee at 2% is Rs 26,000, totaling Rs 1,17,000.

Where is the Sub Registrar Office for this property located?

The Sub Registrar Office covering Survey No.405/1A1, 405/1B is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.