Guideline Value for Majeeth Nagar

Majeeth Nagar guideline value

The current guideline value of Majeeth Nagar in Saligramam village, under the Virugambakkam SRO, is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class III Type - II.

How the guideline value of Majeeth Nagar has changed

The guideline value for Majeeth Nagar has undergone several revisions over the years. In 2007, the value was Rs 550 per sq.ft, which increased significantly to Rs 2,500 per sq.ft in 2012. However, it saw a decrease to Rs 1,675 per sq.ft in 2017. The 2023 revision marked an increase to Rs 2,500 per sq.ft, followed by the current value of Rs 2,750 per sq.ft in 2024. The register has no figures for the years 2002 and 2003 for this street.

Between the revisions, the changes were notable: from 2007 to 2012, there was an increase of 355%, followed by a decrease of 33% from 2012 to 2017. The value then rose by 49% from 2017 to 2023, and finally, there was a 10% increase from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has increased by 400%.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO, with guideline values ranging from Rs 2,750 to Rs 13,200 per sq.ft as of 2024. The median value for these streets is Rs 4,400 per sq.ft, placing Majeeth Nagar's 2024 figure below that median.

• Majeeth Street (Surya Hospitel Back Side): Rs 2,750 per sq.ft (2024)
• Majestic Park: Rs 6,600 per sq.ft (2024)
• Manikkavasagar Street: Rs 4,400 per sq.ft (2024)
• L.V.Prasath Street: Rs 6,050 per sq.ft (2024)
• Logaiyya Street: Rs 5,500 per sq.ft (2024)
• Logaiyya Colony Main Road: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Majeeth Nagar

For a 1,000 sq.ft plot at the current rate of Rs 2,750 per sq.ft, the guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, totaling Rs 2,47,500. 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 Majeeth Nagar?

The Sub Registrar Office that covers Majeeth Nagar is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. To find your SRO, you can visit find your SRO.

How the guideline value is used when you buy or sell in Saligramam

The guideline value is a crucial factor when buying or selling property in Saligramam, as it determines the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the seller and buyer must ensure that the sale price meets or exceeds the guideline value to avoid any legal issues during registration. It is advisable to consult with a legal expert or real estate professional to navigate these requirements effectively.

Frequently asked questions

What is the current guideline value of Majeeth Nagar?

The current guideline value of Majeeth Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, increasing from Rs 550 per sq.ft in 2007 to Rs 2,750 per sq.ft in 2024, with notable fluctuations in between.

What are the stamp duty and registration fees in Majeeth Nagar?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which Sub Registrar Office covers Majeeth Nagar?

The Virugambakkam Sub Registrar Office covers Majeeth Nagar, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification of Majeeth Nagar?

Majeeth Nagar is classified as Residential Class III Type - II, indicating its zoning for residential development.