Guideline Value for MAJESTIC APARTMENTS

Majestic Apartments guideline value

The current guideline value of Majestic Apartments, located in Villivakkam village, under the Villivakkam SRO, is Rs 13,200 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class I Type - I.

How the guideline value of Majestic Apartments has changed

The guideline value for Majestic Apartments has seen several revisions over the years. In 2012, the value was set at Rs 12,000 per sq.ft. This figure dropped to Rs 8,040 per sq.ft in the 2017 revision, marking a decrease of 33%. However, from 2017 to 2023, the value increased significantly to Rs 12,000 per sq.ft, representing a rise of 49%. The most recent 2024 revision has further increased the guideline value to Rs 13,200 per sq.ft, which is 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, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Villivakkam

In Villivakkam, there are 372 streets under the Villivakkam SRO that have a 2024 guideline value ranging from Rs 1,600 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,900 per sq.ft, placing the guideline value for Majestic Apartments above this median.

• Malar Colony: Rs 13,200 per sq.ft (2024)
• Madras Thiruvalloure High Road(M.T.H.Road): Rs 8,200 per sq.ft (2024)
• Lakshmi Street (Near Agathiyar Nagar): Rs 3,300 per sq.ft (2024)
• Lakshmi Street: Rs 3,300 per sq.ft (2024)
• Lakshmipuram N.R.N.Street: Rs 3,300 per sq.ft (2024)
• Lakshmipuram Lane: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Majestic Apartments

For a 1,000 sq.ft plot at the current guideline value of Rs 13,200 per sq.ft, the total guideline value amounts to Rs 1,32,00,000. The stamp duty at 7% would be Rs 9,24,000, and the registration fee at 2% would be Rs 2,64,000, bringing the total fees to Rs 11,88,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Majestic Apartments?

The Sub Registrar Office that covers Majestic Apartments is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Villivakkam. It is used as a benchmark for determining the stamp duty and registration fees that need to be paid at the time of property registration. Buyers and sellers should be aware that these fees are calculated based on the higher of the guideline value or the actual sale price.

When purchasing or selling property, it is essential to consider the guideline value as it directly impacts the overall cost of the transaction. Understanding these values can help in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of Majestic Apartments?

The current guideline value of Majestic Apartments is Rs 13,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 12,000 per sq.ft in 2012 to Rs 8,040 per sq.ft in 2017, then increased to Rs 12,000 per sq.ft in 2023, and finally to Rs 13,200 per sq.ft in 2024.

What is the land classification for Majestic Apartments?

The land classification for Majestic Apartments is Residential Class I Type - I.

Where can I find the Villivakkam Sub Registrar Office?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.

How is the stamp duty calculated for properties in Majestic Apartments?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 9,24,000.