Guideline Value for Maduvankarai, Majit Colony 14th Street,

Maduvankarai, Majit Colony 14th Street, guideline value

The current guideline value for Maduvankarai, Majit Colony 14th Street, is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - II.

How the guideline value of Maduvankarai, Majit Colony 14th Street, has changed

The guideline value for Maduvankarai, Majit Colony 14th Street, has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 4,400 per sq.ft, an increase of 64% from the 2017 revision, which was Rs 2,680 per sq.ft. The 2012 revision recorded a value of Rs 4,000 per sq.ft, marking a decrease of 33% from 2012 to 2017. The register has no figures for the years 2023, 2007, 2003, and 2002 for this street.

Overall, comparing the 2012 and 2024 revisions, the guideline value has increased by 10%. The fluctuations in the guideline value reflect various factors, but the current value aligns with the median value of Rs 4,400 per sq.ft for Velachery.

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 value is Rs 4,400 per sq.ft, which matches the current guideline value for Maduvankarai, Majit Colony 14th Street.

• Maduvankarai, Majit Colony 11th Street,: Rs 4,400 per sq.ft (2024)
• Maduvankarai, Majit Colony 12th Street,: Rs 4,400 per sq.ft (2024)
• Maduvankarai, Majit Colony 13th Street,: Rs 4,400 per sq.ft (2024)
• Maduvankarai, Majit Colony 15th Street,: Rs 4,400 per sq.ft (2024)
• Maduvankarai, Majit Colony 16th Street,: Rs 4,400 per sq.ft (2024)
• Maduvankarai, Majit Colony 17th Street,: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Maduvankarai, Majit Colony 14th Street,

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. 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 further calculations.

Which Sub Registrar Office covers Maduvankarai, Majit Colony 14th Street,?

The Maduvankarai, Majit Colony 14th Street, falls under 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 in property transactions, as it determines the minimum value on which stamp duty and registration fees are calculated. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements during the registration process.

When purchasing property, the guideline value serves as a reference point for the transaction. It is essential for calculating the associated costs such as stamp duty and registration fees, which are mandatory for property registration in Tamil Nadu.

Frequently asked questions

What is the current guideline value for Maduvankarai, Majit Colony 14th Street?

The current guideline value for Maduvankarai, Majit Colony 14th 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. The overall change from 2012 to 2024 is an increase of 10%.

Which Sub Registrar Office covers Maduvankarai, Majit Colony 14th Street?

The Velacheri Sub Registrar Office covers Maduvankarai, Majit Colony 14th Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What are the stamp duty and registration fees for property transactions?

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

What is the land classification for Maduvankarai, Majit Colony 14th Street?

The land classification for Maduvankarai, Majit Colony 14th Street, is Residential Class II Type - II.