Guideline Value for MAJESTIC AVENUE PHASE -I

Majestic Avenue Phase -I guideline value

The current guideline value for Majestic Avenue Phase -I is Rs 300 per sq.ft, effective from 1 July 2024. This property is located in Athur A Block village under the Chengleput Joint II SRO, classified as Residential Class I Type - II.

How the guideline value of Majestic Avenue Phase -I has changed

Over the years, the guideline value for Majestic Avenue Phase -I has seen several revisions. The 2012 revision set the value at Rs 300 per sq.ft, which remained unchanged in the 2017 revision. However, in the 2017 revision, the value was Rs 201 per sq.ft, reflecting a decrease of 33% from the previous revision. The value then increased to Rs 300 per sq.ft in the 2023 revision, maintaining the same figure in the 2024 revision, indicating no change from 2023 to 2024.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2012 revision to the 2024 revision, the guideline value has remained constant at Rs 300 per sq.ft. It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Athur A Block

Athur A Block has a total of 44 streets under the Chengleput Joint II SRO, with 2024 guideline values ranging from Rs 300 to Rs 1,525 per sq.ft. The median guideline value for these streets is Rs 600 per sq.ft, making the guideline value for Majestic Avenue Phase -I below the median.

• Majestic Avenue Phase-II: Rs 300 per sq.ft (2024)
• Krishna Garden: Rs 600 per sq.ft (2024)
• Mountain View: Rs 500 per sq.ft (2024)
• Mubarak Naagr: Rs 600 per sq.ft (2024)
• Kannappa Nagar: Rs 600 per sq.ft (2024)
• Golden Lane: Rs 600 per sq.ft (2024)

Stamp duty and registration fee for property in Majestic Avenue Phase -I

For a 1,000 sq.ft plot at the current guideline value of Rs 300 per sq.ft, the total guideline value amounts to Rs 3,00,000. The stamp duty is charged at 7%, which would be Rs 21,000, and the registration fee is charged at 2%, amounting to Rs 6,000. Together, the total cost for stamp duty and registration fee would be Rs 27,000. It is essential to note that the duty is charged on the higher of the guideline value and the sale price. You can also use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Majestic Avenue Phase -I?

The Sub Registrar Office covering Majestic Avenue Phase -I is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Athur A Block

The guideline value is a crucial factor when buying or selling property in Athur A Block, as it determines the minimum price at which a property can be registered. It serves as a reference point for calculating stamp duty and registration fees, ensuring that the transaction is legally compliant.

When a property is sold, the buyer must pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property being sold.

Frequently asked questions

What is the current guideline value for Majestic Avenue Phase -I?

The current guideline value for Majestic Avenue Phase -I is Rs 300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 300 per sq.ft in the 2012, 2023, and 2024 revisions, while it was Rs 201 per sq.ft in 2017. The value increased by 49% from 2017 to 2023.

What is the median guideline value in Athur A Block?

The median guideline value for the 44 streets in Athur A Block is Rs 600 per sq.ft, with Majestic Avenue Phase -I being below this median.

What are the stamp duty and registration fees for a property in Majestic Avenue Phase -I?

For a 1,000 sq.ft plot, the total guideline value is Rs 3,00,000. The stamp duty at 7% would be Rs 21,000, and the registration fee at 2% would be Rs 6,000, totaling Rs 27,000.

Which office handles the registration for Majestic Avenue Phase -I?

The Chengleput Joint II Sub Registrar Office handles the registration for Majestic Avenue Phase -I, located at 10, Kancheepuram Main Road, Chengalpattu 603 002.