Guideline Value for Secretariat Colony 17th Street (Ward 29)

Secretariat Colony 17th Street (Ward 29) guideline value

The current guideline value of Secretariat Colony 17th 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 17th Street (Ward 29) has changed

The guideline value for Secretariat Colony 17th 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 2023 revision increased the value to Rs 2,000 per sq.ft, and the latest 2024 revision has further increased it to Rs 2,200 per sq.ft.

In terms of percentage changes, the value increased by 49% from 2017 to 2023 and by 10% from 2023 to 2024. Overall, from 2012 to 2024, the guideline value has seen a 10% increase. The register has no figures for the years 2002, 2003, and 2007 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 17th Street (Ward 29) is above this median.

• Secretariat Colony 17th Cross St (Ward No.29): Rs 2,200 per sq.ft (2024)
• Secretariat Colony 18th Cross St (Ward No.29): Rs 2,200 per sq.ft (2024)
• Secretariat Colony 16th Street (Ward 29): Rs 2,200 per sq.ft (2024)
• Secretariat Colony 18th Street (Ward 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 19th Cross St (Ward No.29): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Secretariat Colony 17th 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 would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees together to Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Secretariat Colony 17th Street (Ward 29)?

The Sub Registrar Office that covers Secretariat Colony 17th 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 information.

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

The guideline value is a crucial factor in 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 during the transaction.

When a property is sold, the guideline value helps ensure that the transaction is recorded accurately and fairly. Buyers and sellers must be aware of the current guideline value to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Secretariat Colony 17th Street (Ward 29)?

The current guideline value of Secretariat Colony 17th 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, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What are the stamp duty and registration fees for properties 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.

Which office handles the registration of properties in Secretariat Colony 17th Street?

The Madhavaram Sub Registrar Office handles the registration of properties in Secretariat Colony 17th Street (Ward 29), located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How does the guideline value affect property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It ensures that the transaction is recorded accurately and helps buyers and sellers understand their financial obligations.