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Guideline Value

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Guideline Value for Majestic Colony (2nd Street) - Azhagiri Street

₹4950/sq.ft.

The guideline value for Majestic Colony (2nd Street) - Azhagiri Street in Valasaravakkam village (Virugambakkam SRO, Chennai zone) is Rs 4950 per sq.ft, effective 1 July 2024. It was Rs 4500 per sq.ft from 1 April 2023, a 10% change. The land classification is Residential Class I Type - I. Source: TNReginet guideline value register.

Last updated:

Chennai

Zone

Valasaravakkam

Village

Virugambakkam

SRO

Residential Class I Type - I
History
Period Guideline Value
From 1-7-2024 ₹4950 /sq.ft.
From 1-4-2023 ₹4500 /sq.ft.
From 9-6-2017 To 31-3-2023 ₹3015 /sq.ft.
From 1-4-2012 To 8-6-2017 ₹4500 /sq.ft.
From 1-8-2007 To 31-3-2012 ₹650 /sq.ft.
From 1-4-2003 To 31-7-2007 N/A
From 1-4-2002 To 31-3-2003 N/A
Guideline Value Timeline
Guideline Value Comparison

SRO (Sub Registrar Office)

No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037
044-23641794
[email protected]

DRO (District Registrar Office)

Integrated Building For Offices Of The Commercial Taxes And Registration Department, Fanepet, Nandhanam, Chennai - 35.
044-22505552
[email protected], [email protected]

DIG (Deputy Inspector General)

Integrated Building For Offices Of The Commercial Taxes And Registration, Department Fanepet, Nandanam, Chennai - 600 035.
044-29510527
[email protected]
Records for a plot on Majestic Colony (2nd Street) - Azhagiri Street

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Majestic Colony (2nd Street) - Azhagiri Street guideline value

The current guideline value of Majestic Colony (2nd Street) - Azhagiri Street is Rs 4,950 per sq.ft, effective from 1 July 2024. This street is located in Valasaravakkam village, under the Virugambakkam SRO, and is classified as Residential Class I Type - I.

How the guideline value of Majestic Colony (2nd Street) - Azhagiri Street has changed

Over the years, the guideline value for Majestic Colony (2nd Street) - Azhagiri Street has seen significant changes. The 2007 revision recorded a value of Rs 650 per sq.ft, which increased dramatically to Rs 4,500 per sq.ft in 2012, marking a 592% increase. However, the value then dropped to Rs 3,015 per sq.ft in 2017, reflecting a decrease of 33%. The value rose again to Rs 4,500 per sq.ft in 2023, and then further increased to Rs 4,950 per sq.ft in the 2024 revision, a rise of 10%.

From 2017 to 2023, the value increased by 49%. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 662%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO, with guideline values ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 3,850 per sq.ft, placing the 2024 guideline value of Majestic Colony (2nd Street) - Azhagiri Street above this median.

Stamp duty and registration fee for property in Majestic Colony (2nd Street) - Azhagiri Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total guideline value would be Rs 49,50,000. The stamp duty at 7% would be Rs 3,46,500, and the registration fee at 2% would be Rs 99,000, bringing the total to Rs 4,45,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Majestic Colony (2nd Street) - Azhagiri Street?

The Majestic Colony (2nd Street) - Azhagiri Street falls under the jurisdiction of the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Valasaravakkam. It determines the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value.

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

Frequently asked questions

What is the current guideline value of Majestic Colony (2nd Street) - Azhagiri Street?

The current guideline value of Majestic Colony (2nd Street) - Azhagiri Street is Rs 4,950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 650 per sq.ft in 2007 to Rs 4,950 per sq.ft in 2024, representing a total increase of 662% over the years.

What is the land classification for this street?

Majestic Colony (2nd Street) - Azhagiri Street is classified as Residential Class I Type - I.

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

The Virugambakkam Sub Registrar Office, which covers Majestic Colony (2nd Street) - Azhagiri Street, is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 49,50,000 would incur a stamp duty of Rs 3,46,500 at 7%.