Guideline Value for Secretariat Colony 1st St. (Ward-29)

Secretariat Colony 1st St. (Ward-29) guideline value

The current guideline value of Secretariat Colony 1st 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, classified as Residential Class I Type - I.

How the guideline value of Secretariat Colony 1st St. (Ward-29) has changed

The guideline value for Secretariat Colony 1st St. has seen 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 brought it up to Rs 2,200 per sq.ft.

From 2017 to 2023, the guideline value increased by 49%. The change from 2023 to 2024 was a 10% increase. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Madhavaram

In Madhavaram, the guideline values for 2024 range 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 of Rs 2,200 per sq.ft for Secretariat Colony 1st St. is above this median.

• Secretariat Colony 20th Cross St (Ward No.29): Rs 2,200 per sq.ft (2024)
• Secretariat Colony 20th Street (Ward 29): Rs 2,200 per sq.ft (2024)
• Secretariat Colony 21st Cross St (Ward No.29): Rs 2,200 per sq.ft (2024)
• Secretariat Colony 1st Cross St (Ward No.29): Rs 2,200 per sq.ft (2024)
• Secretariat Colony 21st Street (Ward 20): Rs 2,200 per sq.ft (2024)
• Secretariat Colony 2nd Cross St (Ward No.29): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Secretariat Colony 1st St. (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, totaling 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 the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Secretariat Colony 1st St. (Ward-29)?

The Sub Registrar Office that covers Secretariat Colony 1st St. (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 an important 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 register.

When a property is sold, the buyer and seller must consider the guideline value for calculating the stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions, based on the established guideline values.

Frequently asked questions

What is the current guideline value of Secretariat Colony 1st St.?

The current guideline value of Secretariat Colony 1st 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, 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 of Secretariat Colony 1st St.?

Secretariat Colony 1st St. (Ward-29) is classified as Residential Class I Type - I.

What are the stamp duty and registration fees for 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.

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

The Madhavaram Sub Registrar Office, which covers Secretariat Colony 1st St. (Ward-29), is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.