Guideline Value for Secretariat Colony 21st Street (Ward 20)

Secretariat Colony 21st Street (Ward 20) guideline value

The current guideline value for Secretariat Colony 21st Street (Ward 20) 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 21st Street (Ward 20) has changed

The guideline value for Secretariat Colony 21st Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which was followed by a decrease to Rs 1,340 per sq.ft in the 2017 revision. However, the value increased significantly to Rs 2,000 per sq.ft in 2023, and then to Rs 2,200 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, there has been a 10% increase in the guideline value. The changes between revisions include a 49% increase from 2017 to 2023 and a 33% decrease from 2012 to 2017. 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 with a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, which means that the 2024 figure for Secretariat Colony 21st Street is above this median.

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

Stamp duty and registration fee for property in Secretariat Colony 21st Street (Ward 20)

For a 1,000 sq.ft plot at the current rate, the guideline value amounts to Rs 22,00,000. The stamp duty is charged at 7%, which totals Rs 1,54,000, and the registration fee at 2% amounts to Rs 44,000. Together, these fees total 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 our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Secretariat Colony 21st Street (Ward 20)?

The Sub Registrar Office that covers Secretariat Colony 21st Street (Ward 20) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. For further assistance, you can find your SRO.

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

The guideline value plays a crucial role 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 documented accurately.

When a buyer purchases property, the guideline value is used to calculate the stamp duty and registration fees, which are essential costs associated with the transaction. These fees are based on the higher of the guideline value or the sale price, ensuring that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Secretariat Colony 21st Street?

The current guideline value for Secretariat Colony 21st Street (Ward 20) 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 for this area?

The land classification for Secretariat Colony 21st Street is Residential Class I Type - I.

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

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060, and it covers Secretariat Colony 21st Street (Ward 20).

How are stamp duty and registration fees calculated?

Stamp duty is charged at 7% and registration fees at 2% of the guideline value or sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a total fee of Rs 1,98,000.