Guideline Value for SECRETARIAT COLONY 6TH STREET

Secretariat Colony 6th Street guideline value

The current guideline value of Secretariat Colony 6th Street is Rs 7,700 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village, under the Purasaivakkam SRO, and is classified as Residential Class II Type - I.

How the guideline value of Secretariat Colony 6th Street has changed

Over the years, the guideline value for Secretariat Colony 6th Street has seen significant changes. In the 2007 revision, the value was Rs 1,800 per sq.ft. This figure increased dramatically to Rs 7,000 per sq.ft in the 2012 revision, marking a 289% increase. However, in the 2017 revision, the value decreased to Rs 4,690 per sq.ft, a drop of 33%. The value then rose to Rs 7,000 per sq.ft in the 2023 revision, followed by a further increase to Rs 7,700 per sq.ft in the 2024 revision, representing a 10% increase.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. Overall, from 2007 to 2024, the guideline value has increased by 328%. It is important to note that the register has no 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, with a median value of Rs 5,500 per sq.ft. The guideline value of Rs 7,700 per sq.ft for Secretariat Colony 6th Street is above this median.

• Secretariat Colony 5th Street: Rs 7,700 per sq.ft (2024)
• Secretariat Colony 7th Street: Rs 7,700 per sq.ft (2024)
• Secretariat Colony 8th Street: Rs 7,700 per sq.ft (2024)
• Secretariat Colony 4th Street: Rs 7,700 per sq.ft (2024)
• Secretariat Colony 3rd Street: Rs 7,700 per sq.ft (2024)
• Secretariat Colony 9th Street: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Secretariat Colony 6th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value amounts to Rs 77,00,000. The stamp duty at 7% would be Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, bringing the total cost of duty and fees to Rs 6,93,000. It is important to note that the 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 6th Street?

The Sub Registrar Office that covers Secretariat Colony 6th Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process of property transactions in Purasaivakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, it is essential to be aware of the guideline value, as it affects the overall transaction costs. Buyers should ensure that the sale price is not lower than the guideline value to avoid any legal complications during the registration process.

Frequently asked questions

What is the current guideline value of Secretariat Colony 6th Street?

The current guideline value of Secretariat Colony 6th 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 changed significantly from Rs 1,800 per sq.ft in 2007 to Rs 7,700 per sq.ft in 2024, reflecting an overall increase of 328% over this period.

What are the other streets in Purasaivakkam with the same guideline value?

Other streets in Purasaivakkam with the same guideline value of Rs 7,700 per sq.ft include Secretariat Colony 5th, 7th, 8th, 4th, 3rd, and 9th Streets.

What is the stamp duty for a property in Secretariat Colony 6th Street?

The stamp duty for a property in Secretariat Colony 6th Street is calculated at 7% of the guideline value. For a 1,000 sq.ft property, this amounts to Rs 5,39,000.

Which office handles property registrations in Purasaivakkam?

The Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012, handles property registrations in Purasaivakkam.