Guideline Value for Majestic Colony 3rd st ( Ward No.24 )

Majestic Colony 3rd st ( Ward No.24 ) guideline value

The current guideline value of Majestic Colony 3rd st ( Ward No.24 ) is Rs 1,300 per sq.ft. This street is located in Madhavaram village and falls under the Madhavaram SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Majestic Colony 3rd st ( Ward No.24 ) has changed

Since the 2017 revision, the guideline value has seen significant changes. In 2017, the guideline value was Rs 804 per sq.ft, which increased to Rs 1,200 per sq.ft in 2023, marking a 49% rise. The most recent revision in 2024 set the value at Rs 1,300 per sq.ft, reflecting an 8% increase from the previous year.

There are no figures available for the years 2002, 2003, 2007, and 2012 for this street. Overall, from 2017 to 2024, the guideline value has increased by 62%.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. The guideline value for Majestic Colony 3rd st ( Ward No.24 ) is below this median.

• 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 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)
• Majestic Colony, Ponniammanmedu (Ward-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 3rd st ( Ward No.24 )

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% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total to Rs 1,17,000. 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 3rd st ( Ward No.24 )?

The Sub Registrar Office that covers Majestic Colony 3rd st ( Ward No.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 an essential factor during the registration of property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the fair value of the property being transacted. It is crucial for buyers to be aware of the guideline value to avoid overpaying and for sellers to set realistic expectations for their property price.

Frequently asked questions

What is the current guideline value for Majestic Colony 3rd st ( Ward No.24 )?

The current guideline value for Majestic Colony 3rd st ( Ward No.24 ) is Rs 1,300 per sq.ft as per the 2024 revision.

How much has the guideline value changed since 2017?

Since 2017, the guideline value has increased from Rs 804 per sq.ft to Rs 1,300 per sq.ft in 2024, which is an overall increase of 62%.

What was the guideline value in 2023?

The guideline value for Majestic Colony 3rd st ( Ward No.24 ) in 2023 was Rs 1,200 per sq.ft.

Which Sub Registrar Office is responsible for this area?

The Madhavaram Sub Registrar Office is responsible for the registration of properties in Majestic Colony 3rd st ( Ward No.24 ).

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, for a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 at the rate of 7%.