Guideline Value for Surya Garden (Ward-01)

Surya Garden (Ward-01) guideline value

The current guideline value of Surya Garden (Ward-01) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Surya Garden (Ward-01) has changed

The guideline value for Surya Garden has undergone several revisions over the years. In 2012, the guideline value was Rs 1,200 per sq.ft. This figure was then reduced to Rs 804 per sq.ft in 2017. Following this, the value increased to Rs 1,200 per sq.ft in 2023, and subsequently to Rs 1,300 per sq.ft in 2024, marking an 8% increase from the previous year.

From 2017 to 2023, there was a significant increase of 49%. The overall change from 2012 to 2024 shows an increase of 8%. It is important to note that there are no figures available 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 that carry 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, indicating that Surya Garden's 2024 figure is below this median.

• Surya Nagar: Rs 1,300 per sq.ft (2024)
• Surya Nagar Annex extension: Rs 3,300 per sq.ft (2024)
• Survey No.881/4: Rs 3,000 per sq.ft (2024)
• Survey No.821/1: Rs 1,600 per sq.ft (2024)
• Survey No.750/2A, 751: Rs 2,700 per sq.ft (2024)
• Surya Nagar (Ward-29): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Surya Garden (Ward-01)

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, resulting in a total cost of 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 our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Surya Garden (Ward-01)?

The Sub Registrar Office that covers Surya Garden (Ward-01) 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 stamp duty and registration fees, ensuring that both parties are aware of the official value assigned to the property.

When registering a property, the guideline value helps in determining the amount of tax payable. Buyers and sellers must be aware that the stamp duty is charged on the higher of the guideline value and the sale price, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Surya Garden (Ward-01)?

The current guideline value of Surya Garden (Ward-01) 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 of Surya Garden (Ward-01)?

Surya Garden (Ward-01) is classified as Residential Class III Type - I according to the local guidelines.

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 registrations for properties in the area.

How is the stamp duty calculated in Madhavaram?

Stamp duty in Madhavaram is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property with a guideline value of Rs 13,00,000, the stamp duty would be calculated accordingly.