Guideline Value for Secretariat Colony 15th Street (Ward 29)

Secretariat Colony 15th Street (Ward 29) guideline value

The current guideline value of Secretariat Colony 15th Street (Ward 29) is Rs 2,200 per sq.ft, effective from 1 July 2024. This street 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 15th Street (Ward 29) has changed

The guideline value for this street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in the 2017 revision. Following this, the value increased to Rs 2,000 per sq.ft in the 2023 revision, and finally, the current value is Rs 2,200 per sq.ft from the 2024 revision. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Between the revisions, the changes are as follows: from 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value increased significantly by 49%. The most recent change from 2023 to 2024 reflects a 10% increase, resulting in an overall increase of 10% from the 2012 revision to the 2024 revision.

Guideline values in Madhavaram

In Madhavaram, there are a total of 1946 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 guideline value in this area is Rs 1,600 per sq.ft, positioning the 2024 guideline value of Secretariat Colony 15th Street (Ward 29) above that median.

• Secretariat Colony 15th Cross St (Ward No.29): Rs 2,200 per sq.ft (2024)
• Secretariat Colony 16th Cross St (Ward No.29): Rs 2,200 per sq.ft (2024)
• Secretariat Colony 14th St. (Ward-29): Rs 2,200 per sq.ft (2024)
• Secretariat Colony 16th Street (Ward 29): Rs 2,200 per sq.ft (2024)
• Secretariat Colony 14th Cross St (Ward No.29): Rs 2,200 per sq.ft (2024)
• Secretariat Colony 17th Cross St (Ward No.29): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Secretariat Colony 15th 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, calculated at 7%, would be Rs 1,54,000, while the registration fee at 2% would be Rs 44,000, bringing the total cost for these 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 on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Secretariat Colony 15th Street (Ward 29)?

The Sub Registrar Office that covers Secretariat Colony 15th 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 a crucial factor when buying or selling property in Madhavaram, as it determines the minimum value at which a property can be registered. This value is set by the government and is updated periodically to reflect changes in the real estate market.

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 appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Secretariat Colony 15th Street (Ward 29)?

The current guideline value of Secretariat Colony 15th Street (Ward 29) is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has seen several revisions, with the most recent being Rs 2,200 per sq.ft in 2024. The value was Rs 2,000 per sq.ft in 2023, Rs 1,340 per sq.ft in 2017, and Rs 2,000 per sq.ft in 2012.

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

Stamp duty is charged at 7% of the guideline value, while the registration fee is charged at 2%. For example, on a property valued at Rs 22,00,000, the total stamp duty and registration fees would amount to Rs 1,98,000.

Which Sub Registrar Office handles registrations for this street?

The Madhavaram Sub Registrar Office handles registrations for Secretariat Colony 15th Street (Ward 29). It is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification of Secretariat Colony 15th Street (Ward 29)?

Secretariat Colony 15th Street (Ward 29) is classified as Residential Class I Type - I, indicating its suitability for residential purposes.