Guideline Value for Majestic Avenue

Majestic Avenue guideline value

The current guideline value of Majestic Avenue in Madhavaram village, under the Madhavaram SRO, is Rs 1,300 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - I land classification.

How the guideline value of Majestic Avenue has changed

The guideline value for Majestic Avenue has undergone significant changes over the years. The most recent revision in 2024 set the value at Rs 1,300 per sq.ft, which is a substantial increase of 62% from the 2017 revision, where the value was Rs 804 per sq.ft. The register does not have figures for the years 2023, 2012, 2007, 2003, and 2002 for this street.

In the context of earlier revisions, the 2017 figure of Rs 804 per sq.ft marked a notable change from any previous recorded values, as there are no figures available for the years leading up to 2017. The 2024 revision reflects the current market conditions and the residential classification of the area.

Guideline values in Madhavaram

In Madhavaram, a total of 1,946 streets fall under the Madhavaram SRO, with 2024 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 Majestic Avenue's 2024 figure is below the median.

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

Stamp duty and registration fee for property in Majestic Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% is Rs 91,000, and the registration fee at 2% is Rs 26,000, bringing the total to Rs 1,17,000. It is important to note that the 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 Majestic Avenue?

The Sub Registrar Office that covers Majestic Avenue 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 critical factor in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is assessed to ensure that the transaction is in line with the prevailing rates in the area. This helps maintain transparency and fairness in property transactions.

Frequently asked questions

What is the current guideline value of Majestic Avenue?

The current guideline value of Majestic Avenue is Rs 1,300 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

From the 2017 revision of Rs 804 per sq.ft to the 2024 revision of Rs 1,300 per sq.ft, there has been a 62% increase in the guideline value.

What is the median guideline value in Madhavaram?

The median guideline value in Madhavaram is Rs 1,600 per sq.ft, which indicates that Majestic Avenue's current value is below this median.

What are the stamp duty and registration fees for property in Majestic Avenue?

For a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 and the registration fee would be Rs 26,000, totaling Rs 1,17,000.

Which office handles property registrations for Majestic Avenue?

The Madhavaram Sub Registrar Office at No.7, Roja Nagar, Madhavaram, Chennai-600060 handles property registrations for Majestic Avenue.