Guideline Value for Maduvankarai, Majit Colony 17th Street,

Maduvankarai, Majit Colony 17th Street, guideline value

The current guideline value for Maduvankarai, Majit Colony 17th 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 with a land classification of Residential Class II Type - II.

How the guideline value of Maduvankarai, Majit Colony 17th Street, has changed

In the 2012 revision, the guideline value was Rs 4,000 per sq.ft. This figure remained unchanged in the 2023 revision. However, in the 2024 revision, the guideline value increased to Rs 4,400 per sq.ft, reflecting a 10% increase from the previous year. The register has no figures for the years 2002, 2003, 2007, and 2017 for this street.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The changes in the guideline value from 2023 to 2024 indicate a notable rise, while the values from 2012 to 2023 remained stable.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, 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 2024 figure for Maduvankarai, Majit Colony 17th Street.

• Maduvankarai, Majit Colony 16th Street,: Rs 4,400 per sq.ft (2024)
• Maduvankarai, Majit Colony 1th Street,: Rs 4,400 per sq.ft (2024)
• Maduvankarai, Majit Colony 15th Street,: Rs 4,400 per sq.ft (2024)
• Maduvankarai, Majit Colony 3th Street,: Rs 4,400 per sq.ft (2024)
• Maduvankarai, Majit Colony 14th Street,: Rs 4,400 per sq.ft (2024)
• Maduvankarai, Majit Colony 4th Street,: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Maduvankarai, Majit Colony 17th 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 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 our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Maduvankarai, Majit Colony 17th Street,?

The Maduvankarai, Majit Colony 17th 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 is a crucial factor in the registration process when buying or selling property in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented accurately.

During the registration, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Maduvankarai, Majit Colony 17th Street?

The current guideline value for Maduvankarai, Majit Colony 17th Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed from Rs 4,000 per sq.ft in 2012 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 10%. The value remained unchanged at Rs 4,000 per sq.ft from 2012 to 2023.

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

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000. These fees are based on the guideline value.

Which office handles the registration for Maduvankarai, Majit Colony 17th Street?

The registration for Maduvankarai, Majit Colony 17th Street is handled by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the significance of the guideline value in property transactions?

The guideline value serves as a reference point for the minimum value of properties during registration. It ensures that the transaction is conducted at a fair value and that the appropriate stamp duty and registration fees are collected based on this value.