Guideline Value for Maduvankarai, Majit Colony 13th Street,

Maduvankarai, Majit Colony 13th Street, guideline value

The current guideline value for Maduvankarai, Majit Colony 13th 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 13th Street, has changed

The guideline value for Maduvankarai, Majit Colony 13th Street, has undergone several revisions over the years. The earliest recorded figure is from the 2012 revision, which was Rs 4,000 per sq.ft. This was followed by a decrease to Rs 2,680 per sq.ft in the 2017 revision. However, the most recent 2024 revision shows a significant increase to Rs 4,400 per sq.ft, marking a 64% rise from the 2017 figure. Overall, from 2012 to 2024, the guideline value has increased by 10%.

It is important to note that there are no recorded figures for the years 2023, 2007, 2003, and 2002 for this street. The changes between the revisions indicate fluctuations, particularly a decrease between 2012 and 2017, followed by a substantial increase in the latest revision.

Guideline values in Velachery

In Velachery, there are a total of 2,691 streets under the Velacheri SRO with guideline values for 2024 ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value is Rs 4,400 per sq.ft, which aligns with the current value of Maduvankarai, Majit Colony 13th Street.

• Maduvankarai, Majit Colony 12th Street,: Rs 4,400 per sq.ft (2024)
• Maduvankarai, Majit Colony 14th Street,: Rs 4,400 per sq.ft (2024)
• Maduvankarai, Majit Colony 11th Street,: Rs 4,400 per sq.ft (2024)
• Maduvankarai, Majit Colony 15th Street,: Rs 4,400 per sq.ft (2024)
• Maduvankarai, Majit Colony 10th Street,: Rs 4,400 per sq.ft (2024)
• Maduvankarai, Majit Colony 16th Street,: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Maduvankarai, Majit Colony 13th 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, while the registration fee at 2% would be Rs 88,000, bringing the total fees together to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can also use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Maduvankarai, Majit Colony 13th Street,?

The Maduvankarai, Majit Colony 13th Street, is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in the registration process of property transactions in Velachery. It serves as a benchmark for determining 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 is compared to the sale price, and the higher of the two is used to calculate the applicable stamp duty and registration fees. This process helps maintain transparency and fairness in property transactions.

Frequently asked questions

What is the current guideline value for Maduvankarai, Majit Colony 13th Street?

The current guideline value for Maduvankarai, Majit Colony 13th 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 are the stamp duty and registration fees for property in this area?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which office handles property registrations in Maduvankarai?

The Velacheri Sub Registrar Office handles property registrations for Maduvankarai, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the guideline value determined for properties in Velachery?

The guideline value is determined based on various factors, including the location and classification of the land. It is revised periodically to reflect changes in the real estate market and is used to calculate stamp duty and registration fees during property transactions.