Guideline Value for Survey No.502

Survey No.502 guideline value

The current guideline value of Survey No.502 in Madhavaram village, under the Madhavaram SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This property falls under the Commercial Class I Type - I land classification.

How the guideline value of Survey No.502 has changed

The guideline value for Survey No.502 has seen several revisions over the years. The earliest available figure is from the 2012 revision, which was set at Rs 3,000 per sq.ft. The most recent revision in 2024 has increased this value to Rs 3,300 per sq.ft, marking a 10% increase from the 2012 figure.

There are no figures available for the years 2002, 2003, 2007, 2017, and 2023 for this street. Thus, the only revisions recorded are from 2012 and 2024.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO with a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value for these streets is Rs 1,600 per sq.ft, placing Survey No.502's 2024 figure above this median.

• Survey No.405/1A1, 405/1B: 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.1326/2B: 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.502

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. Together, these fees would total Rs 2,97,000. It is important to note that stamp duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Survey No.502?

The Sub Registrar Office that covers Survey No.502 is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Madhavaram. It serves as a benchmark for calculating stamp duty and registration fees when a property is bought or sold. This ensures that the government collects the appropriate taxes based on the established guideline value.

When a buyer or seller engages in a property transaction, the guideline value is referenced to determine the applicable fees. This process helps maintain transparency and consistency in property dealings within the region.

Frequently asked questions

What is the current guideline value of Survey No.502?

The current guideline value of Survey No.502 is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Survey No.502 has increased from Rs 3,000 per sq.ft in 2012 to Rs 3,300 per sq.ft in 2024, representing a 10% increase.

Are there any revisions without figures for Survey No.502?

Yes, the register has no figures for Survey No.502 for the years 2002, 2003, 2007, 2017, and 2023.

What is the land classification of Survey No.502?

Survey No.502 is classified as Commercial Class I Type - I, which is significant for determining its guideline value.

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.