Guideline Value for Survey No.508/3

Survey No.508/3 guideline value

The current guideline value of Survey No.508/3 in Madhavaram village, under the Madhavaram SRO, is Rs 1,300 per sq.ft, effective from 1 July 2024. This property falls under the Residential Class III Type - I land classification.

How the guideline value of Survey No.508/3 has changed

The guideline value for Survey No.508/3 has undergone several revisions over the years. The 2012 revision listed the guideline value at Rs 1,200 per sq.ft, which remained unchanged in the 2023 revision. However, in the 2024 revision, the guideline value increased to Rs 1,300 per sq.ft, marking an 8% rise from the previous year.

It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2017 for this street. Overall, from 2012 to 2024, the guideline value has increased by 8%.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value 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.508/3 is below this median.

• Survey No.508/2: Rs 1,300 per sq.ft (2024)
• Survey No.513, 514/1: Rs 1,300 per sq.ft (2024)
• Survey No.503/1: Rs 3,300 per sq.ft (2024)
• Survey No.513, 514/1,2: Rs 1,300 per sq.ft (2024)
• Survey No.502: Rs 3,300 per sq.ft (2024)
• Survey No.516/1, 516/2A: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Survey No.508/3

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 essential to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Survey No.508/3?

The Sub Registrar Office that covers Survey No.508/3 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 plays a crucial role in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is used to ensure that the transaction is recorded accurately, and the appropriate taxes are collected. This process helps maintain transparency and fairness in property transactions within the region.

Frequently asked questions

What is the current guideline value for Survey No.508/3?

The current guideline value for Survey No.508/3 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.508/3 was Rs 1,200 per sq.ft in 2012 and remained the same in 2023. In 2024, it increased to Rs 1,300 per sq.ft, marking an overall increase of 8% from 2012 to 2024.

What are the other streets in Madhavaram with similar guideline values?

Other streets in Madhavaram with the same guideline value of Rs 1,300 per sq.ft in 2024 include Survey No.508/2, Survey No.513, 514/1, Survey No.513, 514/1,2, and Survey No.516/1, 516/2A.

What is the registration office for Survey No.508/3?

The registration office for Survey No.508/3 is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for properties in Madhavaram?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the guideline value of Rs 1,300 per sq.ft would incur a stamp duty of Rs 91,000.