Guideline Value for Secretariat Colony (Part-II)

Secretariat Colony (Part-II) guideline value

The current guideline value of Secretariat Colony (Part-II) 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 Secretariat Colony (Part-II) has changed

The guideline value has seen several revisions over the years. In 2012, the value was Rs 2,000 per sq.ft, which then decreased to Rs 1,340 per sq.ft in 2017. This was followed by a significant increase to Rs 2,000 per sq.ft in 2023, and then to Rs 2,200 per sq.ft in 2024, marking a 10% increase from the previous year. Overall, from 2012 to 2024, the guideline value has increased by 10%.

From 2017 to 2023, the value increased by 49%. However, for the years 2002, 2003, and 2007, the register has no figure for this street in it. This history reflects the fluctuations in the guideline value per sq.ft for the area.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with guideline values 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 2024 figure for Secretariat Colony (Part-II) above this median.

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

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

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 Secretariat Colony (Part-II)?

The Madhavaram Sub Registrar Office covers Secretariat Colony (Part-II). The office is 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 during property registration in Madhavaram. It determines the minimum price on which stamp duty and registration fees are calculated. Buyers and sellers must be aware of this value to ensure compliance with local regulations.

When a property is sold, the guideline value serves as a benchmark for the transaction. It helps in establishing a fair price for both parties involved in the sale, ensuring that the government receives the appropriate taxes based on this value.

Frequently asked questions

What is the current guideline value of Secretariat Colony (Part-II)?

The current guideline value of Secretariat Colony (Part-II) 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 increased 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-II)?

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

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 the stamp duty calculated for properties in Secretariat Colony (Part-II)?

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