Guideline Value for Maduvankarai, Majit Colony 4th Street,

Maduvankarai, Majit Colony 4th Street, guideline value

The current guideline value for Maduvankarai, Majit Colony 4th 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 4th Street, has changed

In the 2012 revision, the guideline value was Rs 4,000 per sq.ft. This was followed by a decrease in the 2017 revision, where the value dropped to Rs 2,680 per sq.ft, marking a decline of 33%. However, the 2024 revision saw a significant increase, bringing the value back up to Rs 4,400 per sq.ft, which represents a 64% rise from 2017. Overall, from 2012 to 2024, the guideline value has increased by 10%.

It is important to note that the register has no figures for the years 2023, 2007, 2003, and 2002 for this street. Thus, the only revisions with figures are from 2012, 2017, and 2024.

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 is the same as the current value for Maduvankarai, Majit Colony 4th Street.

• Maduvankarai, Majit Colony 3th Street,: Rs 4,400 per sq.ft (2024)
• Maduvankarai, Majit Colony 5th Street,: Rs 4,400 per sq.ft (2024)
• Maduvankarai, Majit Colony 1th Street,: Rs 4,400 per sq.ft (2024)
• Maduvankarai, Majit Colony 6th Street,: Rs 4,400 per sq.ft (2024)
• Maduvankarai, Majit Colony 17th Street,: Rs 4,400 per sq.ft (2024)
• Maduvankarai, Majit Colony 7th Street,: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Maduvankarai, Majit Colony 4th 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. Together, the total cost for stamp duty and registration would be 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 more details.

Which Sub Registrar Office covers Maduvankarai, Majit Colony 4th Street,?

The Sub Registrar Office that covers Maduvankarai, Majit Colony 4th Street, is 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 when buying or selling property, as it serves as a benchmark for determining the stamp duty and registration fees. When a property is sold, the buyer must pay these fees based on the higher of the guideline value or the sale price.

Additionally, the guideline value helps ensure transparency in property transactions, providing a standardized measure that can be referenced during the registration process. This helps both buyers and sellers understand the financial implications of their transactions.

Frequently asked questions

What is the current guideline value for Maduvankarai, Majit Colony 4th Street?

The current guideline value for Maduvankarai, Majit Colony 4th 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.

Are there any years with no guideline value figures for this street?

Yes, the register has no figures for the years 2023, 2007, 2003, and 2002 for Maduvankarai, Majit Colony 4th Street.

What is the registration office for Maduvankarai, Majit Colony 4th Street?

The registration office for Maduvankarai, Majit Colony 4th Street, is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 44,00,000, the stamp duty would be calculated at 7% of that amount.