Guideline Value for Secretariat Colony 7th Street

Secretariat Colony 7th Street guideline value

The current guideline value of Secretariat Colony 7th Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street 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 7th Street has changed

The guideline value for Secretariat Colony 7th Street has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 2,750 per sq.ft, an increase from Rs 2,500 per sq.ft in the 2023 revision. Interestingly, there was no change from the 2012 revision, which also recorded Rs 2,500 per sq.ft. The register has no figures for the years 2002, 2003, 2007, and 2017.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The specific change from 2023 to 2024 was a 10% increase, reflecting the current valuation trend for this street.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO, with guideline values ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value for these streets is Rs 2,400 per sq.ft, placing Secretariat Colony 7th Street above this median.

• Secretariat Colony 7th Cross Street: Rs 2,750 per sq.ft (2024)
• Secretariat Colony-Agaram Main Road: Rs 2,750 per sq.ft (2024)
• Secretariat Colony 6th Street: Rs 2,750 per sq.ft (2024)
• Secretariat Colony 6th Cross Street: Rs 2,750 per sq.ft (2024)
• Secretariat Colony-Chithambaram Street: Rs 2,750 per sq.ft (2024)
• Secretariat Colony 5th Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Secretariat Colony 7th Street

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, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. It is important to note that 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 accurate calculations.

Which Sub Registrar Office covers Secretariat Colony 7th Street?

The Sub Registrar Office that covers Secretariat Colony 7th Street 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 property transactions in Madambakkam. It is used to determine the stamp duty and registration fees that buyers and sellers must pay during the registration process. The guideline value is essential for ensuring that property transactions are conducted transparently and fairly.

When buying or selling property, it is important to be aware of the current guideline value as it affects the overall costs associated with the transaction. Buyers should ensure that they are informed about the guideline value to avoid any unexpected expenses during registration.

Frequently asked questions

What is the current guideline value of Secretariat Colony 7th Street?

The current guideline value of Secretariat Colony 7th Street 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 remained at Rs 2,500 per sq.ft from 2012 to 2023, with the recent increase to Rs 2,750 per sq.ft in 2024. This marks a 10% increase from the previous year.

What is the land classification for Secretariat Colony 7th Street?

Secretariat Colony 7th Street is classified as Commercial Class I Type - I, indicating its suitability for commercial activities.

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 would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

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

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai, Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073. This office handles registrations for properties in Secretariat Colony 7th Street.