Guideline Value for Majestic Colony, Ponniammanmedu (Ward-24)

Majestic Colony, Ponniammanmedu (Ward-24) guideline value

The current guideline value for Majestic Colony, Ponniammanmedu (Ward-24) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class III Type - I and falls under Madhavaram village, governed by the Madhavaram SRO.

How the guideline value of Majestic Colony, Ponniammanmedu (Ward-24) has changed

The guideline value for this street has undergone several revisions over the years. In 2012, the value was set at Rs 1,200 per sq.ft, which then decreased to Rs 804 per sq.ft in 2017. The most recent revision in 2024 saw an increase to Rs 1,300 per sq.ft, marking a 62% rise from the 2017 figure.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 8%. It is important to note that the register does not have figures for the years 2023, 2007, 2003, and 2002 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value in this area is Rs 1,600 per sq.ft, indicating that the guideline value for Majestic Colony, Ponniammanmedu (Ward-24) is below the median.

• Majestic Colony Main Road (Ward No.24): Rs 1,300 per sq.ft (2024)
• Majestic Colony F Block Main Road (Ward No.24): Rs 1,300 per sq.ft (2024)
• Majestic Colony 3rd st (Ward No.24): Rs 1,300 per sq.ft (2024)
• Majestic Colony 3rd Cross st (Ward No.24): Rs 1,300 per sq.ft (2024)
• Majestic Colony 2nd Cross st (Ward No.24): Rs 1,300 per sq.ft (2024)
• Majestic Avenue (Ward-08): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Majestic Colony, Ponniammanmedu (Ward-24)

For a 1,000 sq.ft plot at the current rate of Rs 1,300 per sq.ft, the guideline value amounts to Rs 13,00,000. The stamp duty is charged at 7%, totaling Rs 91,000, while the registration fee is 2%, amounting to Rs 26,000. Together, the total cost for these fees is Rs 1,17,000. 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 precise calculations based on your property details.

Which Sub Registrar Office covers Majestic Colony, Ponniammanmedu (Ward-24)?

The Sub Registrar Office that covers Majestic Colony, Ponniammanmedu (Ward-24) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately.

When registering a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Majestic Colony, Ponniammanmedu (Ward-24)?

The current guideline value for Majestic Colony, Ponniammanmedu (Ward-24) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, and then increased to Rs 1,300 per sq.ft in 2024. Overall, it has increased by 8% from 2012 to 2024.

What are the other streets with the same guideline value in Madhavaram?

Other streets in Madhavaram with the same guideline value of Rs 1,300 per sq.ft (2024) include Majestic Colony Main Road, Majestic Colony F Block Main Road, Majestic Colony 3rd st, Majestic Colony 3rd Cross st, and Majestic Colony 2nd Cross st.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles registrations for properties in the area.

How are stamp duty and registration fees calculated in Madhavaram?

Stamp duty and registration fees in Madhavaram are calculated based on the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 13,00,000 would incur a stamp duty of Rs 91,000 and a registration fee of Rs 26,000.