Guideline Value for Secretaraiat Colony Extension

Secretaraiat Colony Extension guideline value

The current guideline value of Secretaraiat Colony Extension is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village under the Madhavaram SRO and is classified as Residential Class I Type - I.

How the guideline value of Secretaraiat Colony Extension has changed

In the 2012 revision, the guideline value was Rs 2,000 per sq.ft. This figure decreased to Rs 1,340 per sq.ft in the 2017 revision, marking a decline of 33%. However, the guideline value saw a significant increase to Rs 2,200 per sq.ft in the 2024 revision, representing a rise of 64% from the 2017 figure.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2023 for this street.

Guideline values in Madhavaram

The guideline values for the 1946 streets in Madhavaram under the Madhavaram SRO range from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. The current guideline value of Secretaraiat Colony Extension is above this median.

• Secretariat Colony 10th Cross St (Ward No.29): Rs 2,200 per sq.ft (2024)
• Secretariat Colony 10th St. (Ward-29): Rs 2,200 per sq.ft (2024)
• Secretariat Colony 11th Cross St (Ward No.29): Rs 2,200 per sq.ft (2024)
• Secretariat Colony 11th St. (Ward-29): Rs 2,200 per sq.ft (2024)
• Secretariat Colony 12th Cross St (Ward No.29): Rs 2,200 per sq.ft (2024)
• Secretariat Colony 12th Street (Ward 29): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Secretaraiat Colony Extension

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Secretaraiat Colony Extension?

The Sub Registrar Office that covers Secretaraiat Colony Extension is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Madhavaram. It determines the minimum value on which stamp duty and registration fees are calculated, ensuring that the transaction is recorded accurately.

When a property is sold, the buyer must pay the stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Secretaraiat Colony Extension?

The current guideline value of Secretaraiat Colony Extension is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, and then increased to Rs 2,200 per sq.ft in 2024. The overall change from 2012 to 2024 is an increase of 10%.

What is the land classification of Secretaraiat Colony Extension?

Secretaraiat Colony Extension is classified as Residential Class I Type - I, indicating its suitability for residential development.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for property in Secretaraiat Colony Extension?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 22,00,000 would incur a stamp duty of Rs 1,54,000 at 7%.