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Guideline Value

Corporate

Guideline Value for Majestic Colony 6th Street

₹4950/sq.ft.

The guideline value for Majestic Colony 6th 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 ₹467 /sq.ft.
From 1-4-2002 To 31-3-2003 ₹429 /sq.ft.
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 6th Street

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Majestic Colony 6th Street guideline value

The current guideline value of Majestic Colony 6th 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 it falls under the Residential Class I Type - I land classification.

How the guideline value of Majestic Colony 6th Street has changed

The guideline value for Majestic Colony 6th Street has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 429 per sq.ft. This increased to Rs 467 per sq.ft in 2003, marking a change of +9%. The 2007 revision saw a significant jump to Rs 650 per sq.ft, which is an increase of +39%. In 2012, the value rose sharply to Rs 4,500 per sq.ft, reflecting a remarkable change of +592%. However, in 2017, the value dropped to Rs 3,015 per sq.ft, a decrease of -33%. The 2023 revision brought the value back up to Rs 4,500 per sq.ft, and the latest revision in 2024 has set it at Rs 4,950 per sq.ft, an increase of +10% from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by +1054%. There are no figures available for the revisions in years other than those listed.

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 Majestic Colony 6th Street's 2024 figure above this median.

Stamp duty and registration fee for property in Majestic Colony 6th 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 amount to Rs 3,46,500, and the registration fee at 2% would be Rs 99,000, bringing the total cost for these fees to Rs 4,45,500. 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 Colony 6th Street?

The Sub Registrar Office that covers Majestic Colony 6th Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for further assistance.

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

The guideline value is a critical factor during the registration of property transactions in Valasaravakkam. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that these costs are consistent and transparent.

When buying or selling property, the guideline value helps in determining the official value of the property being registered. This value is essential for both buyers and sellers to understand the financial implications of their transactions.

Frequently asked questions

What is the current guideline value for Majestic Colony 6th Street?

The current guideline value for Majestic Colony 6th 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 from Rs 429 per sq.ft in 2002 to Rs 4,950 per sq.ft in 2024, reflecting an overall increase of +1054% over this period.

What is the land classification for Majestic Colony 6th Street?

Majestic Colony 6th Street is classified as Residential Class I Type - I, indicating its suitability for residential purposes.

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

The Sub Registrar Office for Majestic Colony 6th Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is 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 49,50,000, the stamp duty would be Rs 3,46,500 at a rate of 7%.