Guideline Value for Survey No.516/1, 516/2A

Survey No.516/1, 516/2A guideline value

The current guideline value for Survey No.516/1, 516/2A 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.516/1, 516/2A has changed

The guideline value for Survey No.516/1, 516/2A has undergone several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which was then reduced to Rs 804 per sq.ft in the 2017 revision. Following this, the value increased to Rs 1,200 per sq.ft in the 2023 revision, and finally, the current value is Rs 1,300 per sq.ft in the 2024 revision, marking an 8% increase from the previous year.

In summary, from the 2012 revision to the 2024 revision, the overall change is an increase of 8%. The changes between revisions include a 49% increase from 2017 to 2023, and a 33% decrease from 2012 to 2017. The register has no figure for this street in the years 2002, 2003, and 2007.

Guideline values in Madhavaram

In Madhavaram, there are 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 for the village is Rs 1,600 per sq.ft, placing the 2024 figure for Survey No.516/1, 516/2A below this median.

• Survey No.513, 514/1,2: Rs 1,300 per sq.ft (2024)
• Survey No.529/2,3, 534/1A,1B,2,3 & 544/1: Rs 1,300 per sq.ft (2024)
• Survey No.513, 514/1: Rs 1,300 per sq.ft (2024)
• Survey No.551, 552: Rs 1,300 per sq.ft (2024)
• Survey No.508/3: Rs 1,300 per sq.ft (2024)
• Survey No.656/1: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Survey No.516/1, 516/2A

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, totaling Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Survey No.516/1, 516/2A?

The Sub Registrar Office that covers Survey No.516/1, 516/2A 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 is a crucial factor during the registration of property transactions in Madhavaram. It serves as a reference point for determining the stamp duty and registration fees that need to be paid when buying or selling property.

When a property is registered, the guideline value is used to calculate the applicable fees, ensuring that the transaction is in compliance with local regulations. This value aids in standardizing property transactions within the region.

Frequently asked questions

What is the current guideline value for Survey No.516/1, 516/2A?

The current guideline value for Survey No.516/1, 516/2A is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What is the land classification for Survey No.516/1, 516/2A?

The land classification for Survey No.516/1, 516/2A is Residential Class III Type - I.

Where can I find the Madhavaram Sub Registrar Office?

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

How is the stamp duty calculated for property in Madhavaram?

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