Guideline Value for Survey No.689/2

Survey No.689/2 guideline value

The current guideline value of Survey No.689/2 is Rs 1,300 per sq.ft, effective from 1 July 2024. This property is located in Madhavaram village under the Madhavaram SRO, classified as Residential Class III Type - I.

How the guideline value of Survey No.689/2 has changed

In the 2012 revision, the guideline value was Rs 1,200 per sq.ft. This figure decreased to Rs 804 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to the 2024 revision, the value increased by 62%, bringing it to the current rate of Rs 1,300 per sq.ft.

Overall, from the 2012 revision to the 2024 revision, the guideline value has seen a slight increase of 8%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2023 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with 2024 guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value in the village is Rs 1,600 per sq.ft, indicating that the guideline value of Survey No.689/2 is below this median.

• Survey No.679: Rs 3,300 per sq.ft (2024)
• Survey No.701/1A, 701/1B, 701/2B: Rs 1,300 per sq.ft (2024)
• Survey No.656/2, 682/1 & 686/1C: Rs 1,300 per sq.ft (2024)
• Survey No.701/1B, 702/1C: Rs 1,300 per sq.ft (2024)
• Survey No.656/2: Rs 1,300 per sq.ft (2024)
• Survey No.701/2A: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Survey No.689/2

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total 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 detailed calculations.

Which Sub Registrar Office covers Survey No.689/2?

The Sub Registrar Office that covers Survey No.689/2 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 is a critical factor in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these charges are based on the established rates rather than the sale price alone.

When a property is registered, the guideline value helps determine the official value of the transaction, which is essential for legal and financial purposes. Buyers and sellers should be aware of these values to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Survey No.689/2?

The current guideline value of Survey No.689/2 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, and then increased to Rs 1,300 per sq.ft in 2024. Overall, this represents an 8% increase from the 2012 revision to the 2024 revision.

What is the land classification for Survey No.689/2?

Survey No.689/2 is classified as Residential Class III Type - I, indicating its suitability for residential purposes.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in the area.

How is stamp duty calculated for properties in Madhavaram?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, on a property with a guideline value of Rs 13,00,000, the stamp duty at 7% would be Rs 91,000.