Guideline Value for Secretariat Colony 1st Main Road

Secretariat Colony 1st Main Road guideline value

The current guideline value of Secretariat Colony 1st Main Road is Rs 2,750 per sq.ft, effective from 1 July 2024. This road is located in Madambakkam village, under the Selaiyur SRO, and is classified as Commercial Class I Type - I.

How the guideline value of Secretariat Colony 1st Main Road has changed

The guideline value for this street has undergone several revisions over the years. The earliest recorded revision was in 2012, setting the value at Rs 2,500 per sq.ft. In 2017, the value decreased to Rs 1,675 per sq.ft. However, the latest revision in 2024 has increased the value to Rs 2,750 per sq.ft, marking a significant increase of 64% from the 2017 revision.

From 2012 to 2017, there was a decrease of 33%. Overall, comparing the values from 2012 to 2024, there is a modest increase of 10%. 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 Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO that carry a guideline value for 2024, ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median value for these streets is Rs 2,400 per sq.ft, placing the guideline value of Secretariat Colony 1st Main Road above this median.

• Secretariat Colony 1st Cross Street: Rs 2,750 per sq.ft (2024)
• Secretariat Colony 1st Street: Rs 2,750 per sq.ft (2024)
• Secretariat Colony 2nd Cross Street: Rs 2,750 per sq.ft (2024)
• Secretariat Colony 2nd Main Road: Rs 2,750 per sq.ft (2024)
• Secretariat Colony 2nd Street: Rs 2,750 per sq.ft (2024)
• Secretariat Colony 3rd Cross Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Secretariat Colony 1st Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, while the registration fee at 2% would be Rs 55,000. Together, the total cost for these fees would be Rs 2,47,500. Please note that the duty is charged on the higher of the guideline value and the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Secretariat Colony 1st Main Road?

The Sub Registrar Office that covers Secretariat Colony 1st Main Road is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process of property transactions in Madambakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fee, which are mandatory costs that must be settled during the registration process. Buyers should be aware of these costs to ensure they are fully prepared for the financial obligations associated with property transactions.

Frequently asked questions

What is the current guideline value of Secretariat Colony 1st Main Road?

The current guideline value of Secretariat Colony 1st Main Road is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, and then increased to Rs 2,750 per sq.ft in 2024. The overall change from 2012 to 2024 is an increase of 10%.

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

For a property valued at Rs 27,50,000, the stamp duty at 7% would be Rs 1,92,500 and the registration fee at 2% would be Rs 55,000, totaling Rs 2,47,500 for these fees.

Which office handles the registration for this property?

The Selaiyur Sub Registrar Office handles the registration for properties on Secretariat Colony 1st Main Road, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

What is the significance of the guideline value in property transactions?

The guideline value is significant as it determines the minimum value for property registration and is used to calculate the stamp duty and registration fees. It ensures that the government receives the appropriate revenue from property transactions.