Guideline Value for Secretariat Colony 10th St. (Ward-29)

Secretariat Colony 10th St. (Ward-29) guideline value

The current guideline value of Secretariat Colony 10th St. (Ward-29) is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village and falls under the Madhavaram SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Secretariat Colony 10th St. (Ward-29) has changed

The guideline value for Secretariat Colony 10th St. has undergone several revisions over the years. The earliest recorded revision is from 2012, where the value was Rs 2,000 per sq.ft. In 2017, the guideline value decreased to Rs 1,340 per sq.ft, marking a significant drop of 33%. However, the latest revision in 2024 has seen a substantial increase, bringing the value back up to Rs 2,200 per sq.ft, which is a 64% rise from the 2017 figure. Overall, comparing the 2012 and 2024 revisions, there has been a 10% increase in the guideline value.

It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2023 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that have a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. The guideline value for Secretariat Colony 10th St. is above this median, indicating a higher valuation compared to many other streets in the village.

• Secretariat Colony 10th Cross St ( Ward No.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)
• Secretariat Colony Extension: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Secretariat Colony 10th St. (Ward-29)

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, while the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Secretariat Colony 10th St. (Ward-29)?

The Sub Registrar Office that covers Secretariat Colony 10th St. (Ward-29) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your SRO, you can visit find your SRO.

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

The guideline value is a critical factor in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official registers.

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

Frequently asked questions

What is the current guideline value for Secretariat Colony 10th St. (Ward-29)?

The current guideline value for Secretariat Colony 10th St. (Ward-29) 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. Overall, there has been a 10% increase from 2012 to 2024.

What are the stamp duty and registration fees for a property in this area?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000. Duty is charged on the higher of the guideline value or the sale price.

Which office handles registrations for Secretariat Colony 10th St. (Ward-29)?

The Madhavaram Sub Registrar Office handles registrations for Secretariat Colony 10th St. (Ward-29), located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification for this street?

The land classification for Secretariat Colony 10th St. (Ward-29) is Residential Class I Type - I, indicating its suitability for residential development.