Guideline Value for Survey No.551, 552

Survey No.551, 552 guideline value

The current guideline value for Survey No.551 and 552 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.551, 552 has changed

The guideline value for Survey No.551 and 552 has undergone several revisions over the years. In 2012, the guideline value was set at Rs 1,200 per sq.ft. This figure remained until the next revision in 2017, where it decreased to Rs 804 per sq.ft, reflecting a change of -33%. Following this, the value increased significantly to Rs 1,200 per sq.ft in 2023, and then to Rs 1,300 per sq.ft in 2024, marking an increase of 8% from the previous year.

Looking at the overall changes, from 2012 to 2024, the guideline value has increased by 8%. The revisions for the years 2002, 2003, and 2007 have no figures recorded for this street in the register.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a guideline value for 2024, ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value in this area is Rs 1,600 per sq.ft, which means that the guideline value for Survey No.551 and 552 is below that median.

• Survey No.529/2,3, 534/1A,1B,2,3 & 544/1: Rs 1,300 per sq.ft (2024)
• Survey No.656/1: Rs 1,300 per sq.ft (2024)
• Survey No.516/1, 516/2A: Rs 1,300 per sq.ft (2024)
• Survey No.656/1, 657/1, 657/2, 681, 682/1, 686/1C: Rs 1,300 per sq.ft (2024)
• Survey No.513, 514/1,2: Rs 1,300 per sq.ft (2024)
• Survey No.656/2: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Survey No.551, 552

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 is calculated at 7%, which totals Rs 91,000, and the registration fee is charged at 2%, amounting to Rs 26,000. Therefore, the total cost for stamp duty and registration fees combined is Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Survey No.551, 552?

The Sub Registrar Office that covers Survey No.551 and 552 is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. For more information, you can find your SRO.

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 is used as a basis for calculating the stamp duty and registration fees, ensuring that these costs are aligned with the official valuation of the property.

When a property is sold, the guideline value is referenced to determine the minimum price at which the property can be registered. This helps maintain transparency and consistency in property transactions within the region.

Frequently asked questions

What is the current guideline value for Survey No.551, 552?

The current guideline value for Survey No.551 and 552 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 seen several revisions: Rs 1,200 per sq.ft in 2012, Rs 804 per sq.ft in 2017, Rs 1,200 per sq.ft in 2023, and currently Rs 1,300 per sq.ft in 2024.

What is the land classification for Survey No.551, 552?

Survey No.551 and 552 is classified as Residential Class III Type - I.

Which Sub Registrar Office covers this property?

The Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060, covers Survey No.551 and 552.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value, and the registration fee is charged at 2%. The total duty is charged on the higher of the guideline value or the sale price.