Guideline Value for Secretariat Colony 2nd St. (Ward-29)

Secretariat Colony 2nd St. (Ward-29) guideline value

The current guideline value of Secretariat Colony 2nd 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. The land classification for this area is Residential Class I Type - I.

How the guideline value of Secretariat Colony 2nd St. (Ward-29) has changed

The guideline value for Secretariat Colony 2nd St. has undergone several revisions over the years. In 2012, the guideline value was Rs 2,000 per sq.ft, which then decreased to Rs 1,340 per sq.ft in 2017, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 2,000 per sq.ft, reflecting a rise of 49%. The most recent revision in 2024 set the guideline value at Rs 2,200 per sq.ft, representing a 10% increase from the previous year.

There are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, the guideline value has increased by 10% from 2012 to 2024.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value for these streets is Rs 1,600 per sq.ft, placing the 2024 figure for Secretariat Colony 2nd St. above this median.

• Secretariat Colony 3rd 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 4th 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 21st Cross St ( Ward No.29 ): Rs 2,200 per sq.ft (2024)
• Secretariat Colony 4th St. (Ward-29): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Secretariat Colony 2nd 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, bringing the total to 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 details.

Which Sub Registrar Office covers Secretariat Colony 2nd St. (Ward-29)?

The Sub Registrar Office that covers Secretariat Colony 2nd St. (Ward-29) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your SRO, you can visit 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 in line with the official rates set by the government.

When a property is sold, the buyer and seller must adhere to the guideline value to calculate the applicable stamp duty and registration fees. This ensures transparency and consistency in property transactions within the region.

Frequently asked questions

What is the current guideline value of Secretariat Colony 2nd St. (Ward-29)?

The current guideline value of Secretariat Colony 2nd 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 for Secretariat Colony 2nd St.?

The land classification for Secretariat Colony 2nd St. is Residential Class I Type - I.

What is the median guideline value for streets in Madhavaram?

The median guideline value for streets in Madhavaram is Rs 1,600 per sq.ft, with Secretariat Colony 2nd St. being above this median at Rs 2,200 per sq.ft.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can also find more information by visiting the find your SRO link.