Guideline Value for SECRETARIAT COLONY LANE

Secretariat Colony Lane guideline value

The current guideline value of Secretariat Colony Lane 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 with a land classification of Residential Class II Type - I.

How the guideline value of Secretariat Colony Lane has changed

The guideline value for Secretariat Colony Lane has seen several revisions over the years. Starting from the 2007 revision, the value was Rs 1,800 per sq.ft, which increased significantly to Rs 7,000 per sq.ft in 2012. However, this figure dropped to Rs 4,690 per sq.ft in 2017. The 2023 revision set the value at Rs 7,000 per sq.ft, and the most recent revision in 2024 has increased it to Rs 7,700 per sq.ft.

Between revisions, notable changes include a 289% increase from 2007 to 2012, a 33% decrease from 2012 to 2017, a 49% increase from 2017 to 2023, and a 10% increase from 2023 to 2024. The overall change from 2007 to 2024 is an increase of 328%. 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 for Secretariat Colony Lane is above this median.

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

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 together 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 use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Secretariat Colony Lane?

The Sub Registrar Office that covers Secretariat Colony Lane 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 plays a crucial role during the registration 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 appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is considered alongside the sale price. The higher of the two values will be used to calculate the applicable stamp duty and registration fees, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Secretariat Colony Lane?

The current guideline value of Secretariat Colony Lane 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 from Rs 1,800 per sq.ft in 2007 to Rs 7,700 per sq.ft in 2024, with several revisions in between, including a notable increase of 328% over this period.

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 office handles property registrations for Secretariat Colony Lane?

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

What is the land classification for Secretariat Colony Lane?

The land classification for Secretariat Colony Lane is Residential Class II Type - I, indicating its suitability for residential purposes.