Guideline Value for Survey No.821/1

Survey No.821/1 guideline value

The current guideline value of Survey No.821/1 in Madhavaram village, under the Madhavaram SRO, is Rs 1,600 per sq.ft, effective from 1 July 2024. This property falls under the Residential Class II Type - I land classification.

How the guideline value of Survey No.821/1 has changed

The guideline value for Survey No.821/1 has undergone several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft. This was followed by a decrease in the 2017 revision, which adjusted the value to Rs 1,005 per sq.ft. However, the value saw a significant increase in the 2023 revision to Rs 1,500 per sq.ft, and further increased to the current rate of Rs 1,600 per sq.ft in the 2024 revision.

In terms of percentage changes, from 2012 to 2017, there was a decrease of 33%. The value then increased by 49% from 2017 to 2023. The 2023 to 2024 revision reflects a 7% increase. Overall, from 2012 to 2024, the guideline value has increased by 7%.

Guideline values in Madhavaram

Madhavaram village has a total of 1,946 streets under the Madhavaram SRO, with guideline values 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 is equal to the current guideline value of Survey No.821/1.

• Survey No.750/2A, 751: Rs 2,700 per sq.ft (2024)
• Survey No.881/4: Rs 3,000 per sq.ft (2024)
• Survey No.727/PART, 724, 728/1, 684/2B: Rs 1,300 per sq.ft (2024)
• Survey No.725/1,2B, 727/2: Rs 1,300 per sq.ft (2024)
• Survey No.701/2A: Rs 1,300 per sq.ft (2024)
• Survey No.701/1B, 702/1C: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Survey No.821/1

For a 1,000 sq.ft plot at the current rate, the guideline value is Rs 16,00,000. The stamp duty at 7% amounts to Rs 1,12,000, and the registration fee at 2% is Rs 32,000. Together, these fees total Rs 1,44,000. It is important to note that 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.821/1?

The Sub Registrar Office that covers Survey No.821/1 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 during the registration of property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the state collects appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the legal and financial implications of the transaction. It is essential for buyers to be aware of the guideline value to ensure compliance with local regulations and avoid any potential disputes during the registration process.

Frequently asked questions

What is the current guideline value of Survey No.821/1?

The current guideline value of Survey No.821/1 is Rs 1,600 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 1,500 per sq.ft in 2012, decreased to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,600 per sq.ft in 2024.

What is the land classification for Survey No.821/1?

Survey No.821/1 is classified under Residential Class II 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 guideline value or the sale price, whichever is higher. For example, for a property with a guideline value of Rs 16,00,000, the stamp duty would be Rs 1,12,000 at 7%.