Guideline Value for Survey No.701/2A

Survey No.701/2A guideline value

The current guideline value of Survey No.701/2A 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.701/2A has changed

Looking at the revisions, the guideline value for Survey No.701/2A was Rs 1,200 per sq.ft in the 2023 revision and remained unchanged from the 2012 revision, which also recorded Rs 1,200 per sq.ft. The register has no figures for the years 2002, 2003, 2007, and 2017 for this street.

From the 2023 to 2024 revision, the guideline value increased by 8%, bringing it to Rs 1,300 per sq.ft. Overall, from the 2012 revision to the 2024 revision, there has been an increase of 8% in the guideline value.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. The guideline value for Survey No.701/2A is below this median.

• Survey No.701/1B, 702/1C: Rs 1,300 per sq.ft (2024)
• Survey No.725/1,2B, 727/2: Rs 1,300 per sq.ft (2024)
• Survey No.701/1A, 701/1B, 701/2B: Rs 1,300 per sq.ft (2024)
• Survey No.727/PART, 724, 728/1, 684/2B: Rs 1,300 per sq.ft (2024)
• Survey No.689/2: Rs 1,300 per sq.ft (2024)
• Survey No.750/2A, 751: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Survey No.701/2A

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. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Survey No.701/2A?

The Sub Registrar Office that covers Survey No.701/2A 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 plays a crucial role in the registration process when buying or selling property in Madhavaram. It is used to determine the stamp duty and registration fees applicable to the transaction.

When a property is registered, the authorities will assess the guideline value to ensure that the correct fees are charged. This value is essential for maintaining transparency and consistency in property transactions.

Frequently asked questions

What is the current guideline value of Survey No.701/2A?

The current guideline value of Survey No.701/2A is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

From the 2012 revision to the 2024 revision, the guideline value increased by 8%. The 2023 revision recorded a value of Rs 1,200 per sq.ft, which increased to Rs 1,300 per sq.ft in 2024.

What is the land classification for Survey No.701/2A?

Survey No.701/2A is classified as Residential Class III Type - I. This classification is important for determining the guideline value and usage of the land.

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 Madhavaram area.

How is stamp duty calculated for properties in Madhavaram?

Stamp duty for properties in Madhavaram is calculated based on the guideline value or the sale price, whichever is higher. The current rate for stamp duty is 7%, and the registration fee is 2% of the guideline value.