Guideline Value for SECRETARIAT COLONY 8TH STREET

Secretariat Colony 8th Street guideline value

The current guideline value of Secretariat Colony 8th 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 8th Street has changed

Since the 2007 revision, the guideline value for Secretariat Colony 8th Street has undergone significant changes. In 2007, the value was Rs 1,800 per sq.ft, which increased to Rs 7,000 per sq.ft in 2012. Following a decrease to Rs 4,690 per sq.ft in 2017, the value rose sharply to Rs 7,000 per sq.ft in 2023, and finally to Rs 7,700 per sq.ft in 2024. The revisions for 2002 and 2003 do not have any figures recorded for this street.

The change from 2017 to 2023 was an increase of 49%, while the increase from 2023 to 2024 was 10%. Notably, the value saw a remarkable increase of 289% from 2007 to 2012, and an overall increase of 328% from 2007 to 2024.

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. Secretariat Colony 8th Street's 2024 guideline value is above this median.

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

You can also use our stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Secretariat Colony 8th Street?

The Sub Registrar Office that covers Secretariat Colony 8th Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. For more information, you can find your SRO.

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

The guideline value is a crucial factor when registering property transactions in Purasaivakkam. It serves as a benchmark for determining the minimum value of a property for registration purposes, ensuring that the transaction is recorded at a fair value.

When a property is bought or sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Secretariat Colony 8th Street?

The current guideline value of Secretariat Colony 8th 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 seen several revisions, starting 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 should I visit for transactions in Secretariat Colony 8th Street?

The Purasaivakkam Sub Registrar Office at 93/1, Bricklin Road, Otteri, Chennai- 600 012, covers transactions for Secretariat Colony 8th Street.

What is the land classification for Secretariat Colony 8th Street?

The land classification for Secretariat Colony 8th Street is Residential Class II Type - I, indicating its suitability for residential development.