Guideline Value for Survey No.508/2

Survey No.508/2 guideline value

The current guideline value for Survey No.508/2 is Rs 1,300 per sq.ft, effective from 1 July 2024. This property is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Survey No.508/2 has changed

The guideline value for Survey No.508/2 has undergone several revisions over the years. The oldest available revision is from 2012, where the guideline value was Rs 1,200 per sq.ft. The latest revision in 2024 increased this value to Rs 1,300 per sq.ft, marking an increase of 8% over the 12-year period.

There are no figures available for the years 2023, 2017, 2007, 2003, and 2002 for this street. The 2024 figure of Rs 1,300 per sq.ft reflects the most recent update in the guideline value register.

Guideline values in Madhavaram

In Madhavaram, there are a total of 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value in the area is Rs 1,600 per sq.ft, which indicates that the 2024 figure for Survey No.508/2 is below this median.

• Survey No.503/1: Rs 3,300 per sq.ft (2024)
• Survey No.508/3: Rs 1,300 per sq.ft (2024)
• Survey No.502: Rs 3,300 per sq.ft (2024)
• Survey No.513, 514/1: Rs 1,300 per sq.ft (2024)
• Survey No.405/1A1, 405/1B: Rs 1,300 per sq.ft (2024)
• Survey No.513, 514/1,2: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Survey No.508/2

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

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

Which Sub Registrar Office covers Survey No.508/2?

The Sub Registrar Office covering Survey No.508/2 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 details.

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

The guideline value plays a crucial role in property transactions in Madhavaram. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property. The guideline value is established by the Registration Department and is periodically revised to reflect changes in the real estate market.

When selling property, the guideline value can also influence the sale price, as it provides a benchmark for both buyers and sellers. It is essential for both parties to be aware of the guideline value to ensure a smooth transaction process.

Frequently asked questions

What is the current guideline value for Survey No.508/2?

The current guideline value for Survey No.508/2 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 Survey No.508/2 was Rs 1,200 per sq.ft in 2012 and increased to Rs 1,300 per sq.ft in 2024, reflecting an 8% increase. There are no figures available for the years 2023, 2017, 2007, 2003, and 2002 for this street.

What are the guideline values for other streets in Madhavaram?

Other streets in Madhavaram have varying guideline values. For example, Survey No.503/1 and Survey No.502 are valued at Rs 3,300 per sq.ft, while several other streets, including Survey No.508/3 and Survey No.513, 514/1, have a guideline value of Rs 1,300 per sq.ft.

What fees are associated with buying property in Survey No.508/2?

When buying property in Survey No.508/2, buyers must pay a stamp duty of 7% on the guideline value and a registration fee of 2%. For a 1,000 sq.ft plot at the current guideline value, the total fees would amount to Rs 1,17,000.

Where is the Sub Registrar Office for Survey No.508/2 located?

The Sub Registrar Office for Survey No.508/2 is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in the area.