Guideline Value for Survey No.656/2

Survey No.656/2 guideline value

The current guideline value of Survey No.656/2 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.656/2 has changed

The guideline value for Survey No.656/2 has seen several revisions over the years. In 2012, the guideline value was set at Rs 1,200 per sq.ft, which then decreased to Rs 804 per sq.ft in 2017. Following this, the value increased significantly to Rs 1,200 per sq.ft in 2023 and has now risen to Rs 1,300 per sq.ft in 2024, marking an increase of 8% from the previous year.

Between 2017 and 2023, there was a notable increase of 49%. However, the value dropped by 33% from 2012 to 2017. Overall, from 2012 to 2024, the guideline value has increased by 8%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO with a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, placing Survey No.656/2 below this median.

• Survey No.656/1, 657/1, 657/2, 681, 682/1, 686/1C: Rs 1,300 per sq.ft (2024)
• Survey No.656/2, 682/1 & 686/1C: Rs 1,300 per sq.ft (2024)
• Survey No.656/1: Rs 1,300 per sq.ft (2024)
• Survey No.679: Rs 3,300 per sq.ft (2024)
• Survey No.551, 552: Rs 1,300 per sq.ft (2024)
• Survey No.689/2: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Survey No.656/2

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 fees to 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. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Survey No.656/2?

The Sub Registrar Office that covers Survey No.656/2 is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060, within the Chennai registration zone. You can find your SRO for further assistance.

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

The guideline value plays a crucial role during the registration process when buying or selling property in Madhavaram. It is used to determine the stamp duty and registration fees that need to be paid, ensuring that the transaction is recorded accurately in the official register.

When a property is sold, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable duties and fees. This helps maintain transparency and standardization in property transactions within the region.

Frequently asked questions

What is the current guideline value of Survey No.656/2?

The current guideline value of Survey No.656/2 is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value 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.656/2?

Survey No.656/2 is classified as 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.

How is stamp duty calculated for property in Madhavaram?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 13,00,000, the stamp duty would be 7% of that amount.