Guideline Value for Survey No.656/1

Survey No.656/1 guideline value

The current guideline value of Survey No.656/1 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.656/1 has changed

The guideline value for Survey No.656/1 has seen several revisions over the years. The oldest recorded value is from 2012, where it was Rs 1,200 per sq.ft. In 2017, it decreased to Rs 804 per sq.ft, followed by an increase to Rs 1,200 per sq.ft in 2023. The most recent revision in 2024 has set the value at Rs 1,300 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, the value decreased by 33%. However, from 2017 to 2023, there was a significant increase of 49%. The value increased by 8% from 2023 to 2024, resulting in an overall increase of 8% from 2012 to 2024.

Guideline values in Madhavaram

In Madhavaram village, the 2024 guideline values range from Rs 1,300 to Rs 7,500 per sq.ft across 1,946 streets, with a median value of Rs 1,600 per sq.ft. The guideline value for Survey No.656/1 is below this median.

• Survey No.551, 552: 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.529/2,3, 534/1A,1B,2,3 & 544/1: Rs 1,300 per sq.ft (2024)
• Survey No.656/2: Rs 1,300 per sq.ft (2024)
• Survey No.516/1, 516/2A: Rs 1,300 per sq.ft (2024)
• Survey No.656/2, 682/1 & 686/1C: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Survey No.656/1

For a 1,000 sq.ft plot at the current rate of Rs 1,300 per sq.ft, the 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 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.656/1?

The Sub Registrar Office that covers Survey No.656/1 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 is a crucial factor in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for calculating the stamp duty and registration fees that need to be paid during the transaction.

When you register a property, the guideline value is compared to the sale price. The higher of the two values is used to determine the applicable stamp duty, ensuring that the transaction is recorded accurately and legally.

Frequently asked questions

What is the current guideline value of Survey No.656/1?

The current guideline value of Survey No.656/1 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 increased 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 of Survey No.656/1?

Survey No.656/1 is classified as Residential Class III Type - I.

What are the stamp duty and registration fees for a property in Survey No.656/1?

For a 1,000 sq.ft plot, the total stamp duty and registration fees would amount to Rs 1,17,000, calculated based on the current guideline value.

Where is the Madhavaram Sub Registrar Office located?

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