Guideline Value for Maduvankarai, Majit Colony 6th Street,

Maduvankarai, Majit Colony 6th Street, guideline value

The current guideline value of Maduvankarai, Majit Colony 6th 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 6th Street, has changed

The guideline value for Maduvankarai, Majit Colony 6th Street, has undergone several revisions over the years. The earliest recorded figure is from 2012, 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. The most recent revision in 2024 shows an increase to Rs 4,400 per sq.ft.

Between the 2017 and 2024 revisions, there was a significant increase of 64%. However, from 2012 to 2017, the value decreased by 33%. Overall, from 2012 to 2024, the guideline value increased by 10%. The register has no figures for the years 2023, 2007, 2003, and 2002 for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, which is the same as the current guideline value for Maduvankarai, Majit Colony 6th Street.

• Maduvankarai, Majit Colony 5th Street,: Rs 4,400 per sq.ft (2024)
• Maduvankarai, Majit Colony 7th Street,: Rs 4,400 per sq.ft (2024)
• Maduvankarai, Majit Colony 4th Street,: Rs 4,400 per sq.ft (2024)
• Maduvankarai, Majit Colony 8th Street,: Rs 4,400 per sq.ft (2024)
• Maduvankarai, Majit Colony 3th Street,: Rs 4,400 per sq.ft (2024)
• Maduvankarai, Majit Colony 9th Street,: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Maduvankarai, Majit Colony 6th 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, making the total charges Rs 3,96,000. Please note that duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Maduvankarai, Majit Colony 6th Street,?

The Maduvankarai, Majit Colony 6th 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 plays a crucial role during the registration 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 transaction is recorded accurately in the official records.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these charges are based on the guideline value or the sale price, whichever is higher, to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Maduvankarai, Majit Colony 6th Street?

The current guideline value of Maduvankarai, Majit Colony 6th 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 to Rs 4,400 per sq.ft in 2024. The changes reflect a 64% increase from 2017 to 2024 and a 33% decrease from 2012 to 2017.

What is the land classification of Maduvankarai, Majit Colony 6th Street?

The land classification for Maduvankarai, Majit Colony 6th Street, is Residential Class II Type - II.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office covering Maduvankarai, Majit Colony 6th Street, is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the 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 with a guideline value of Rs 44,00,000, the stamp duty at 7% would be Rs 3,08,000.