Guideline Value for MAJESTIC SQUARE

Majestic Square guideline value

The current guideline value of Majestic Square in Arasankalani village is Rs 2,100 per sq.ft, effective from 1 July 2024. This property falls under the Selaiyur SRO and is classified as Residential Class I Type - I.

How the guideline value of Majestic Square has changed

The guideline value for Majestic Square has seen several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then reduced by 33% to Rs 1,340 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 2,000 per sq.ft, and the most recent 2024 revision raised it to Rs 2,100 per sq.ft, marking a 5% increase from the previous year.

From the 2012 revision to the 2024 revision, the overall change is an increase of 5%. 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 Arasankalani

In Arasankalani, there are 85 streets under the Selaiyur SRO with a 2024 guideline value ranging from Rs 1,300 to Rs 4,750 per sq.ft. The median value is Rs 2,100 per sq.ft, which is the same as the guideline value for Majestic Square.

• Mahalakshmi Nagar Phase-II: Rs 2,200 per sq.ft (2024)
• Mahalakshmi Nagar Phase-I: Rs 2,200 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 2,200 per sq.ft (2024)
• Mangalam Nagar: Rs 1,650 per sq.ft (2024)
• Leo Crusher Estate: Rs 2,100 per sq.ft (2024)
• Meenakshi Street: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Majestic Square

For a 1,000 sq.ft plot at the current rate of Rs 2,100 per sq.ft, the guideline value amounts to Rs 21,00,000. The stamp duty at 7% would be Rs 1,47,000, and the registration fee at 2% would be Rs 42,000, totaling Rs 1,89,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Majestic Square?

The Sub Registrar Office covering Majestic Square 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 more information.

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

The guideline value is a crucial factor in property transactions in Arasankalani. It determines the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value will be compared to the sale price. The higher of the two will be used to calculate the applicable stamp duty and registration fees, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Majestic Square?

The current guideline value of Majestic Square is Rs 2,100 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, then back to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,100 per sq.ft in 2024.

What is the land classification for Majestic Square?

Majestic Square is classified as Residential Class I Type - I, indicating its designation for residential use.

What are the stamp duty rates for properties in Majestic Square?

The stamp duty for properties in Majestic Square is charged at 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Majestic Square located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.