Guideline Value for Secretariat Colony-Chithambaram Street

Secretariat Colony-Chithambaram Street guideline value

The current guideline value of Secretariat Colony-Chithambaram Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village and falls under the Selaiyur SRO. The land classification for this area is Commercial Class I Type - I.

How the guideline value of Secretariat Colony-Chithambaram Street has changed

In the 2012 revision, the guideline value for Secretariat Colony-Chithambaram Street was Rs 2,500 per sq.ft. This figure remained unchanged in the 2023 revision, where it was still Rs 2,500 per sq.ft. However, in the 2024 revision, the guideline value increased to Rs 2,750 per sq.ft, marking a 10% increase from the previous year. Notably, there are no figures available for the revisions in 2002, 2003, 2007, and 2017 for this street.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The changes between the revisions highlight a significant adjustment in the most recent update, reflecting the current valuation of the property.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO that carry a 2024 guideline value, 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 the 2024 figure for Secretariat Colony-Chithambaram Street above this median.

• Secretariat Colony Main Road: Rs 2,750 per sq.ft (2024)
• Secretariat Colony-Agaram Main Road: Rs 2,750 per sq.ft (2024)
• Secretariat Colony-Mohandass Street: Rs 2,750 per sq.ft (2024)
• Secretariat Colony 7th Street: Rs 2,750 per sq.ft (2024)
• Secretariat Colony-Sundar Nagar Main Road: Rs 2,750 per sq.ft (2024)
• Secretariat Colony 7th Cross Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Secretariat Colony-Chithambaram Street

For a 1,000 sq.ft plot at the current guideline value, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, leading to a total cost of Rs 2,47,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Secretariat Colony-Chithambaram Street?

The Sub Registrar Office that covers Secretariat Colony-Chithambaram 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 further assistance.

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 serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with local regulations.

During the registration process, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions, maintaining transparency and accountability in the real estate market.

Frequently asked questions

What is the current guideline value of Secretariat Colony-Chithambaram Street?

The current guideline value of Secretariat Colony-Chithambaram 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, and then increased to Rs 2,750 per sq.ft in 2024. Overall, there has been a 10% increase in the guideline value from 2012 to 2024.

What is the land classification for this street?

The land classification for Secretariat Colony-Chithambaram Street is Commercial Class I Type - I.

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

The Sub Registrar Office for Secretariat Colony-Chithambaram Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, on a 1,000 sq.ft plot valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500.