Guideline Value for Maduvankarai, Majit Colony 3th Street,

Maduvankarai, Majit Colony 3th Street, guideline value

The current guideline value for Maduvankarai, Majit Colony 3th 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 3th Street, has changed

The guideline value for Maduvankarai, Majit Colony 3th Street, has undergone several revisions over the years. The earliest recorded figure is from 2012, which was Rs 4,000 per sq.ft. In 2017, the value decreased to Rs 2,680 per sq.ft, marking a decline of 33%. However, in the 2024 revision, the guideline value increased significantly to Rs 4,400 per sq.ft, reflecting a rise of 64% from the 2017 figure.

It is important to note that there are no recorded figures for the years 2023, 2007, 2003, and 2002 for this street. Overall, comparing the 2012 and 2024 revisions, the guideline value has seen a modest increase of 10%.

Guideline values in Velachery

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

• Maduvankarai, Majit Colony 1th Street,: Rs 4,400 per sq.ft (2024)
• Maduvankarai, Majit Colony 4th Street,: Rs 4,400 per sq.ft (2024)
• Maduvankarai, Majit Colony 17th Street,: Rs 4,400 per sq.ft (2024)
• Maduvankarai, Majit Colony 5th Street,: Rs 4,400 per sq.ft (2024)
• Maduvankarai, Majit Colony 16th Street,: Rs 4,400 per sq.ft (2024)
• Maduvankarai, Majit Colony 6th Street,: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Maduvankarai, Majit Colony 3th 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 cost 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 further calculations.

Which Sub Registrar Office covers Maduvankarai, Majit Colony 3th Street,?

The Sub Registrar Office that covers Maduvankarai, Majit Colony 3th Street, is the Velacheri Sub Registrar Office. The address is No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042, Chennai registration zone. 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 an essential factor in the property registration process 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 according to government regulations.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher, impacting the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Maduvankarai, Majit Colony 3th Street?

The current guideline value of Maduvankarai, Majit Colony 3th 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. This represents a 64% increase from 2017 to 2024 and an overall increase of 10% from 2012 to 2024.

What is the land classification for this street?

Maduvankarai, Majit Colony 3th Street, is classified as Residential Class II Type - II.

Which Sub Registrar Office covers this area?

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

How are stamp duty and registration fees calculated?

Stamp duty is charged at 7% of the guideline value or the sale price, whichever is higher, while the registration fee is charged at 2%. For example, for a property with a guideline value of Rs 44,00,000, the total stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000.