Guideline Value for Maduvankarai, Majit Colony 11th Street,

Maduvankarai, Majit Colony 11th Street, guideline value

The current guideline value for Maduvankarai, Majit Colony 11th Street, is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Maduvankarai, Majit Colony 11th Street, has changed

The guideline value for Maduvankarai, Majit Colony 11th Street, has undergone several revisions over the years. The 2012 revision set the value at Rs 4,000 per sq.ft, which was later reduced to Rs 2,680 per sq.ft in the 2017 revision. However, the most recent 2024 revision has increased the guideline value to Rs 4,400 per sq.ft, marking a 64% increase from the 2017 figure and a 10% increase from the 2012 figure.

There are no figures available for the years 2023, 2007, 2003, and 2002 for this street. This lack of data indicates that the guideline value remained unchanged during those years, with the most significant changes occurring between the 2012 and 2017 revisions and from 2017 to 2024.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO, with guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, which is equal to the current value for Maduvankarai, Majit Colony 11th Street.

• Maduvankarai, Majit Colony 10th Street,: Rs 4,400 per sq.ft (2024)
• Maduvankarai, Majit Colony 12th Street,: Rs 4,400 per sq.ft (2024)
• Maduvankarai Ganesh Nagar: Rs 4,400 per sq.ft (2024)
• Maduvankarai, Majit Colony 13th Street,: Rs 4,400 per sq.ft (2024)
• Maduvankarai (Dutha Street): Rs 4,400 per sq.ft (2024)
• Maduvankarai, Majit Colony 14th Street,: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Maduvankarai, Majit Colony 11th Street,

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total cost for these 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.

You can use the stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Maduvankarai, Majit Colony 11th Street,?

The Maduvankarai, Majit Colony 11th Street, 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 information.

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

The guideline value is a crucial factor during the registration of properties in Velachery. It serves as the baseline for calculating stamp duty and registration fees, ensuring that these costs are based on the official value set by the registration department.

When buying or selling a property, the guideline value helps determine the minimum price at which a property can be registered. This ensures transparency and compliance with legal requirements during the transaction process.

Frequently asked questions

What is the current guideline value for Maduvankarai, Majit Colony 11th Street?

The current guideline value for Maduvankarai, Majit Colony 11th Street, 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 changed from Rs 4,000 per sq.ft in 2012 to Rs 2,680 per sq.ft in 2017, and then increased to Rs 4,400 per sq.ft in 2024.

What is the land classification for this street?

The land classification for Maduvankarai, Majit Colony 11th Street, is Residential Class II Type - II.

Where can I find the Sub Registrar Office for this area?

The Velacheri Sub Registrar Office covers Maduvankarai, Majit Colony 11th Street, and is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

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

The stamp duty is charged at 7% and the registration fee at 2% of the guideline value or sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the total fees would be Rs 3,96,000.