Guideline Value for NEW SECRETARIAT COLONY

New Secretariat Colony guideline value

The current guideline value of New Secretariat Colony is Rs 7,100 per sq.ft, effective from 1 July 2024. This area is located in Purasaivakkam village, under the Purasaivakkam SRO, and is classified as Residential Class II Type - III.

How the guideline value of New Secretariat Colony has changed

The guideline value for New Secretariat Colony has seen several revisions over the years. In 2007, the value was Rs 1,800 per sq.ft, which increased significantly to Rs 6,500 per sq.ft in 2012. However, this was followed by a decrease to Rs 4,355 per sq.ft in 2017. The value then rose to Rs 6,500 per sq.ft in 2023, and currently stands at Rs 7,100 per sq.ft from the 2024 revision.

Between the revisions, the changes were notable. From 2007 to 2012, the value increased by 261%. However, from 2012 to 2017, there was a decrease of 33%. The value then surged by 49% from 2017 to 2023, and has increased by 9% from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has increased by 294%.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that carry a guideline value for 2024, ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median value for these streets is Rs 5,500 per sq.ft, placing New Secretariat Colony's 2024 figure above this median.

• New Manicka Naicken Street: Rs 7,100 per sq.ft (2024)
• New Street: Rs 5,500 per sq.ft (2024)
• New Street 1st Lane: Rs 5,500 per sq.ft (2024)
• New Street 2nd Lane: Rs 5,500 per sq.ft (2024)
• New Street 3rd Lane: Rs 5,500 per sq.ft (2024)
• New Street 4th Lane: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in New Secretariat Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value would be Rs 71,00,000. The stamp duty at 7% would amount to Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, totaling Rs 6,39,000. Please note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers New Secretariat Colony?

The Sub Registrar Office that covers New Secretariat Colony is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Purasaivakkam

The guideline value is an essential factor during the registration process of property transactions in Purasaivakkam. It serves as a benchmark for determining the minimum value at which property can be registered, ensuring compliance with local regulations.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both buyers and sellers are aware of the financial implications of their transactions based on the established guideline value.

Frequently asked questions

What is the current guideline value of New Secretariat Colony?

The current guideline value of New Secretariat Colony is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 1,800 per sq.ft in 2007 to Rs 7,100 per sq.ft in 2024, marking an overall increase of 294% over this period.

What is the land classification for New Secretariat Colony?

New Secretariat Colony is classified as Residential Class II Type - III, indicating its suitability for residential development.

Where is the Purasaivakkam Sub Registrar Office located?

The Purasaivakkam Sub Registrar Office is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the total fees would amount to Rs 6,39,000.