Guideline Value for Secretariat Colony

Secretariat Colony guideline value

The current guideline value of Secretariat Colony in Velachery village is Rs 4,400 per sq.ft, effective from 1 July 2024. This area falls under the Velacheri SRO and is classified as Residential Class II Type - II.

How the guideline value of Secretariat Colony has changed

The guideline value of Secretariat Colony has seen significant changes over the years. The 2007 revision set the value at Rs 1,800 per sq.ft, which increased to Rs 4,000 per sq.ft in the 2012 revision, marking a substantial increase of 122%. Following this, the 2024 revision has further raised the value to Rs 4,400 per sq.ft, reflecting a 10% increase from the 2012 figure.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 144%. It is important to note that there are no figures available for the years 2002, 2003, 2017, and 2023 in the register for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, which is the same as the current guideline value for Secretariat Colony.

• Secretariat Colony 1st Cross Street: Rs 4,400 per sq.ft (2024)
• Secretariat Colony 1st Main Road: Rs 4,400 per sq.ft (2024)
• Secretariat Colony 1st Street: Rs 4,400 per sq.ft (2024)
• Secretariat Colony 2nd Main Road: Rs 4,400 per sq.ft (2024)
• Secretariat Colony 2nd Street: Rs 4,400 per sq.ft (2024)
• Secretariat Colony 3rd Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Secretariat Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total fees to Rs 3,96,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more information on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Secretariat Colony?

The Secretariat Colony is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property transactions in Velachery. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When a property is registered, the guideline value is considered alongside the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the registration process is transparent and standardized across the region.

Frequently asked questions

What is the current guideline value of Secretariat Colony?

The current guideline value of Secretariat Colony is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,800 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 144% over this period.

What is the land classification of Secretariat Colony?

Secretariat Colony is classified as Residential Class II Type - II, indicating its designation for residential use.

Where can I find the Velacheri Sub Registrar Office?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated in Secretariat Colony?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 3,08,000 at a rate of 7%.