Guideline Value for Surya Road

Surya Road guideline value

The current guideline value of Surya Road in Madhavaram village, under the Madhavaram SRO, is Rs 1,600 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - I land classification.

How the guideline value of Surya Road has changed

The guideline value for Surya Road has seen several revisions over the years. The earliest recorded figure is from 2012, where the value was Rs 1,500 per sq.ft. This was followed by a decrease to Rs 1,005 per sq.ft in 2017, reflecting a -33% change. In 2023, the value increased to Rs 1,500 per sq.ft, and the latest revision in 2024 has set the value at Rs 1,600 per sq.ft, marking a 7% increase from the previous year.

There are no recorded figures for Surya Road in the revisions from 2002, 2003, and 2007. Overall, from 2012 to 2024, the guideline value has seen a modest increase of 7%.

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, which is equal to the current figure for Surya Road.

• Surya Nagar (Ward-29): Rs 1,300 per sq.ft (2024)
• Surya Nagar Annex extension: Rs 3,300 per sq.ft (2024)
• Surya Nagar: Rs 1,300 per sq.ft (2024)
• Surya Garden (Ward-01): Rs 1,300 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)

Stamp duty and registration fee for property in Surya Road

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total fees to Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Surya Road?

The Sub Registrar Office that covers Surya Road 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 serves as a reference point for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the registration process is consistent and transparent, reflecting the value of the property accurately.

Frequently asked questions

What is the current guideline value of Surya Road?

The current guideline value of Surya Road 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 changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then back 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 Surya Road?

Surya Road falls under the Residential Class II Type - I land classification.

What are the stamp duty and registration fees for property on Surya Road?

For a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000 and the registration fee would be Rs 32,000, totaling Rs 1,44,000.

Which office handles the registration for Surya Road?

The Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060, handles the registration for Surya Road.