Guideline Value for SECRETARIAT COLONY 7TH STREET

Secretariat Colony 7th Street guideline value

The current guideline value of Secretariat Colony 7th 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 7th Street has changed

The guideline value for Secretariat Colony 7th Street has seen several revisions over the years. Starting from the 2007 revision, the value was Rs 1,800 per sq.ft. This increased significantly to Rs 7,000 per sq.ft in 2012, marking a 289% rise. However, in the 2017 revision, the value decreased to Rs 4,690 per sq.ft, a drop of 33%. The value then rose again to Rs 7,000 per sq.ft in 2023, followed by the latest revision in 2024, which set the value at Rs 7,700 per sq.ft, reflecting a 10% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2007 to 2024, the guideline value has risen 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 have 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 for Secretariat Colony 7th Street is above this median.

• Secretariat Colony 8th Street: Rs 7,700 per sq.ft (2024)
• Secretariat Colony 6th Street: Rs 7,700 per sq.ft (2024)
• Secretariat Colony 9th Street: Rs 7,700 per sq.ft (2024)
• Secretariat Colony 5th Street: Rs 7,700 per sq.ft (2024)
• Secretariat Colony Lane: Rs 7,700 per sq.ft (2024)
• Secretariat Colony 4th Street: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Secretariat Colony 7th 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, totaling 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. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Secretariat Colony 7th Street?

The Sub Registrar Office that covers Secretariat Colony 7th Street 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 plays a crucial role in the registration of property transactions in Purasaivakkam. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements during the transaction process.

When a property is registered, the guideline value is compared with the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Secretariat Colony 7th Street?

The current guideline value of Secretariat Colony 7th 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 the years.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 77,00,000, the stamp duty would be Rs 5,39,000, and the registration fee would be Rs 1,54,000, totaling Rs 6,93,000.

Which Sub Registrar Office covers this street?

The Purasaivakkam Sub Registrar Office covers Secretariat Colony 7th Street, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

What is the land classification for Secretariat Colony 7th Street?

Secretariat Colony 7th Street is classified as Residential Class II Type - I.