Guideline Value for Secretariat Colony 20th Street (Ward 29)

Secretariat Colony 20th Street (Ward 29) guideline value

The current guideline value of Secretariat Colony 20th 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 20th Street (Ward 29) has changed

The guideline value for Secretariat Colony 20th Street has seen several revisions over the years. In 2012, the value was Rs 2,000 per sq.ft, which decreased to Rs 1,340 per sq.ft in 2017. However, there was a significant increase of 49% from 2017 to 2023, bringing the value up to Rs 2,000 per sq.ft. The latest revision in 2024 has set the guideline value at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Madhavaram

Madhavaram village has a range of guideline values for its streets, with the 2024 figures varying from Rs 1,300 to Rs 7,500 per sq.ft. The median value across 1,946 streets in Madhavaram is Rs 1,600 per sq.ft, placing the 2024 guideline value of Rs 2,200 per sq.ft for Secretariat Colony 20th Street above this median.

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

Stamp duty and registration fee for property in Secretariat Colony 20th 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, making the total cost for these fees 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 20th Street (Ward 29)?

The Sub Registrar Office that covers Secretariat Colony 20th 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 plays a crucial role during the registration of property transactions in Madhavaram. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value is referenced to calculate the applicable duties. Buyers should be aware that the stamp duty is charged on the higher of either the guideline value or the actual sale price, which can significantly impact the total cost of the transaction.

Frequently asked questions

What is the current guideline value of Secretariat Colony 20th Street?

The current guideline value of Secretariat Colony 20th 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 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 this street?

Secretariat Colony 20th Street (Ward 29) is classified as Residential Class I Type - I.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 22,00,000 would incur a stamp duty of Rs 1,54,000 at 7%.