Guideline Value for Secretariat Colony (Part-I)

Secretariat Colony (Part-I) guideline value

The current guideline value for Secretariat Colony (Part-I) in Madhavaram village, under the Madhavaram SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Secretariat Colony (Part-I) has changed

Over the years, the guideline value of Secretariat Colony (Part-I) has seen several revisions. The 2012 revision set the value at Rs 2,000 per sq.ft. This was followed by a decrease to Rs 1,340 per sq.ft in 2017, a significant drop of 33%. However, the subsequent revisions saw a marked increase, with the value rising to Rs 2,000 per sq.ft in 2023, and then to Rs 2,200 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year. The register has no figures for the years 2002, 2003, and 2007 for this street.

From 2017 to 2023, there was a substantial increase of 49%, bringing the value back up significantly. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value for these streets is Rs 1,600 per sq.ft, placing the current guideline value of Rs 2,200 per sq.ft for Secretariat Colony (Part-I) above this median.

• Secretariat Colony Main Road (Ward No.29): Rs 2,200 per sq.ft (2024)
• Secretariat Colony (Part-II): Rs 2,200 per sq.ft (2024)
• Secretariat Colony (Part-III): Rs 2,200 per sq.ft (2024)
• Secretariat Colony Annex (Ward 29): Rs 2,200 per sq.ft (2024)
• Secretariat Colony (Part-IV): Rs 2,200 per sq.ft (2024)
• Secretariat Colony (Ward-29): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Secretariat Colony (Part-I)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total 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, bringing the total charges to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Secretariat Colony (Part-I)?

The Sub Registrar Office that covers Secretariat Colony (Part-I) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a critical factor in property transactions in Madhavaram, as it determines the minimum value at which a property can be registered. When buying or selling property, this value is used to calculate the applicable stamp duty and registration fees, ensuring that both parties adhere to the legal requirements.

It is essential for buyers and sellers to be aware of the guideline value, as it can influence the overall transaction cost. The registration process relies heavily on this value to establish fair pricing for properties, thereby facilitating a transparent and efficient transfer of ownership.

Frequently asked questions

What is the current guideline value for Secretariat Colony (Part-I)?

The current guideline value for Secretariat Colony (Part-I) 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, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification for Secretariat Colony (Part-I)?

Secretariat Colony (Part-I) is classified as Residential Class I Type - I.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Secretariat Colony (Part-I) is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the stamp duty calculated for properties in this area?

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