Guideline Value for Majeeth Street (Surya Hospitel Back Side)

Majeeth Street (Surya Hospitel Back Side) guideline value

The current guideline value of Majeeth Street (Surya Hospitel Back Side) is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class III Type - II.

How the guideline value of Majeeth Street (Surya Hospitel Back Side) has changed

Over the years, the guideline value for Majeeth Street (Surya Hospitel Back Side) has seen several revisions. The earliest recorded figure is from the 2007 revision, which was Rs 850 per sq.ft. This value increased significantly to Rs 2,500 per sq.ft in the 2012 revision, marking a 194% rise. However, in the 2017 revision, the value dropped to Rs 1,675 per sq.ft, reflecting a 33% decrease. The 2023 revision brought the value back up to Rs 2,500 per sq.ft, and the most recent 2024 revision set it at Rs 2,750 per sq.ft, a 10% increase from the previous year.

From the 2017 revision to the 2023 revision, the guideline value increased by 49%. Overall, from 2007 to 2024, there has been a substantial increase of 224% in the guideline value for this street. It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO, with the 2024 guideline values ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, indicating that Majeeth Street's 2024 figure is below this median.

• Majeeth Nagar: 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 Street (Surya Hospitel Back Side)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total 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, bringing the total fees to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Majeeth Street (Surya Hospitel Back Side)?

The Sub Registrar Office that covers Majeeth Street (Surya Hospitel Back Side) is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process of property transactions in Saligramam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the expected value of the property. It is essential for buyers to be aware of the guideline value to ensure that they are not overpaying for a property and that the necessary fees are calculated accurately.

Frequently asked questions

What is the current guideline value of Majeeth Street (Surya Hospitel Back Side)?

The current guideline value of Majeeth Street (Surya Hospitel Back Side) 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 changed from Rs 850 per sq.ft in 2007 to Rs 2,750 per sq.ft in 2024, marking an overall increase of 224% over the years.

What is the median guideline value in Saligramam?

The median guideline value in Saligramam is Rs 4,400 per sq.ft, which is higher than the current guideline value of Majeeth Street.

What is the stamp duty for property in Majeeth Street?

The stamp duty for property in Majeeth Street is calculated at 7% of the guideline value. For a 1,000 sq.ft plot, the stamp duty would be Rs 1,92,500.

Where is the Sub Registrar Office for Majeeth Street located?

The Sub Registrar Office for Majeeth Street (Surya Hospitel Back Side) is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.