Guideline Value for Secretariat Officers Colony (Ward-10)

Secretariat Officers Colony (Ward-10) guideline value

The current guideline value of Secretariat Officers Colony (Ward-10) is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class I Type - I.

How the guideline value of Secretariat Officers Colony (Ward-10) has changed

The guideline value for Secretariat Officers Colony (Ward-10) has undergone several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which decreased to Rs 1,340 per sq.ft in the 2017 revision. However, from 2017 to the 2024 revision, the value increased significantly to Rs 2,200 per sq.ft, marking a 64% rise. Overall, from 2012 to 2024, there was a 10% increase in the guideline value.

It is important to note that there are no figures available for the years 2023, 2007, 2003, and 2002 for this street. The changes between the revisions highlight a notable fluctuation in the guideline values, particularly the drop from 2012 to 2017, followed by a substantial increase in the latest revision.

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, with a median value of Rs 1,600 per sq.ft. The guideline value of Rs 2,200 per sq.ft for Secretariat Officers Colony (Ward-10) is above this median.

• Secretariat Colony (Ward-29): Rs 2,200 per sq.ft (2024)
• Secretariat Colony (Part-IV): Rs 2,200 per sq.ft (2024)
• Secretariat Colony (Part-III): Rs 2,200 per sq.ft (2024)
• Secretariat Colony (Part-II): Rs 2,200 per sq.ft (2024)
• Secretariat Colony (Part-I): Rs 2,200 per sq.ft (2024)
• Secretariat Colony Main Road (Ward No.29): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Secretariat Officers Colony (Ward-10)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total charges 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.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Secretariat Officers Colony (Ward-10)?

The Sub Registrar Office that covers Secretariat Officers Colony (Ward-10) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Madhavaram. It serves as the basis for calculating the stamp duty and registration fees, ensuring that the transaction is recorded at a fair value as determined by the government.

When a property is sold, the guideline value is compared with the actual sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the correct revenue from property transactions.

Frequently asked questions

What is the current guideline value of Secretariat Officers Colony (Ward-10)?

The current guideline value of Secretariat Officers Colony (Ward-10) 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, and then increased to Rs 2,200 per sq.ft in 2024.

What are the guideline values for other streets in Madhavaram?

Other streets in Madhavaram have guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft, with the median being Rs 1,600 per sq.ft.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is charged at 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for this area located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.