Guideline Value for Survey No.503/1

Survey No.503/1 guideline value

The current guideline value for Survey No.503/1 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.503/1 has changed

The guideline value for Survey No.503/1 has seen several revisions over the years. The earliest available revision is from 2012, which set the value at Rs 3,000 per sq.ft. The most recent revision in 2024 increased this value to Rs 3,300 per sq.ft, marking a change of +10% from the 2012 figure.

There are no figures available for the revisions in the years 2002, 2003, 2007, 2017, and 2023 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1946 streets under the Madhavaram SRO that carry 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 the 2024 figure for Survey No.503/1 above this median.

• Survey No.502: Rs 3,300 per sq.ft (2024)
• Survey No.508/2: Rs 1,300 per sq.ft (2024)
• Survey No.405/1A1, 405/1B: 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)
• Survey No.1326/2B: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Survey No.503/1

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost to Rs 2,97,000. It is important to note that 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 detailed calculations.

Which Sub Registrar Office covers Survey No.503/1?

The Sub Registrar Office that covers Survey No.503/1 is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your local SRO, you can visit find your SRO.

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

The guideline value is a critical factor in 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 government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, it is essential to consider the guideline value, as it may influence the sale price and the associated costs. Buyers should be aware that the stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value for Survey No.503/1?

The current guideline value for Survey No.503/1 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.503/1 has changed from Rs 3,000 per sq.ft in 2012 to Rs 3,300 per sq.ft in 2024, which is a +10% increase. There are no figures available for the revisions in 2002, 2003, 2007, 2017, and 2023.

What is the land classification for Survey No.503/1?

Survey No.503/1 is classified as Commercial Class I Type - I, which indicates its suitability for commercial activities.

What are the stamp duty and registration fees for a property in Survey No.503/1?

For a property with a guideline value of Rs 33,00,000, the stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000.

Where is the Sub Registrar Office for Survey No.503/1 located?

The Madhavaram Sub Registrar Office, which covers Survey No.503/1, is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.