Guideline Value for Secretariat Colony 12th Street (Ward 29)

Secretariat Colony 12th Street (Ward 29) guideline value

The current guideline value for Secretariat Colony 12th Street (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 12th Street (Ward 29) has changed

The guideline value for Secretariat Colony 12th Street has undergone several revisions over the years. The earliest recorded revision was in 2012, where the 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 most recent revision in 2024 saw a significant increase to Rs 2,200 per sq.ft, representing a 64% rise 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 recorded figures for the years 2002, 2003, 2007, and 2023 for this street in the register.

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, with a median value of Rs 1,600 per sq.ft. The guideline value for Secretariat Colony 12th Street (Ward 29) is above this median.

• Secretariat Colony 12th Cross St (Ward No.29): Rs 2,200 per sq.ft (2024)
• Secretariat Colony 13th 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 13th Street (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 14th Cross St (Ward No.29): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Secretariat Colony 12th Street (Ward 29)

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 fees 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.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Secretariat Colony 12th Street (Ward 29)?

The Sub Registrar Office that covers Secretariat Colony 12th Street (Ward 29) 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 an essential factor during the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees that must be paid, ensuring that these fees are calculated based on an official valuation.

When a property is sold, the buyer and seller must consider the guideline value to comply with legal requirements. The registration office uses this value to assess the appropriate fees, which are crucial for the legal transfer of property ownership.

Frequently asked questions

What is the current guideline value for Secretariat Colony 12th Street (Ward 29)?

The current guideline value for Secretariat Colony 12th Street (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, from 2012 to 2024, there has been a 10% increase.

What is the land classification for this area?

The land classification for Secretariat Colony 12th Street (Ward 29) is Residential Class I Type - I, indicating its designation for residential use.

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

The stamp duty for a property valued at Rs 22,00,000 would be Rs 1,54,000, and the registration fee would be Rs 44,000, totaling Rs 1,98,000. These fees are based on the guideline value or the sale price, whichever is higher.

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

The Sub Registrar Office for Secretariat Colony 12th Street (Ward 29) is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of property transactions in this area.