Guideline Value for SECRETARIAT COLONY 1ST STREET

Secretariat Colony 1st Street guideline value

The current guideline value of Secretariat Colony 1st Street is Rs 7,700 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village and falls under the Purasaivakkam SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Secretariat Colony 1st Street has changed

The guideline value for Secretariat Colony 1st Street has seen significant changes over the years. In 2007, the guideline value was Rs 1,800 per sq.ft. This increased to Rs 7,000 per sq.ft in 2012, marking a substantial rise of 289%. However, between 2012 and 2017, the value decreased to Rs 4,690 per sq.ft, reflecting a decline of 33%. The value then increased to Rs 7,000 per sq.ft in 2023, followed by a further increase to Rs 7,700 per sq.ft in 2024, which is a rise of 10%.

Overall, from 2007 to 2024, the guideline value has increased by 328%. The register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median guideline value is Rs 5,500 per sq.ft, positioning Secretariat Colony 1st Street above this median.

• Secretariat Colony 2nd Street: Rs 7,700 per sq.ft (2024)
• Secretariat Colony 3rd Street: Rs 7,700 per sq.ft (2024)
• Secretariat Colony 4th Street: Rs 7,700 per sq.ft (2024)
• Secretariat Colony 5th Street: Rs 7,700 per sq.ft (2024)
• Secretariat Colony 6th Street: Rs 7,700 per sq.ft (2024)
• Secretariat Colony: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Secretariat Colony 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value would be Rs 77,00,000. The stamp duty at 7% would amount to Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, bringing the total fees to Rs 6,93,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Secretariat Colony 1st Street?

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

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

When buying or selling property in Purasaivakkam, the guideline value plays a crucial role in determining the registration fees and stamp duty. These fees are calculated based on the guideline value or the sale price, whichever is higher, ensuring that the transaction is registered at a fair value.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly impacts the costs associated with property transactions. This helps in understanding the financial obligations involved in the buying or selling process.

Frequently asked questions

What is the current guideline value of Secretariat Colony 1st Street?

The current guideline value of Secretariat Colony 1st Street is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,800 per sq.ft in 2007 to Rs 7,700 per sq.ft in 2024, marking an overall increase of 328% over the years.

What is the land classification for Secretariat Colony 1st Street?

The land classification for Secretariat Colony 1st Street is Residential Class II Type - I.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office for Secretariat Colony 1st Street is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is the stamp duty calculated for properties in this area?

The stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is also applicable.