Guideline Value for Majestic Colony

Majestic Colony guideline value

The current guideline value of Majestic Colony, located in Mullam village under the AnnaNagar SRO, is Rs 11,000 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - II land classification.

How the guideline value of Majestic Colony has changed

Over the years, the guideline value of Majestic Colony has seen significant changes. In 2007, the guideline value was Rs 2,300 per sq.ft, which increased to Rs 10,000 per sq.ft in 2012. However, this figure dropped to Rs 6,700 per sq.ft in 2017. From 2017 to 2023, the guideline value rose sharply to Rs 10,000 per sq.ft, and the most recent revision in 2024 set the value at Rs 11,000 per sq.ft, reflecting a 10% increase from the previous year.

The overall change from 2007 to 2024 shows a substantial increase of 378%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Mullam

In Mullam, there are 119 streets under the AnnaNagar SRO that carry a 2024 guideline value ranging from Rs 4,400 to Rs 15,900 per sq.ft, with a median value of Rs 11,500 per sq.ft. The guideline value for Majestic Colony is below this median.

• Mangali Amman Temple: Rs 4,400 per sq.ft (2024)
• J-Block - Streets: Rs 11,500 per sq.ft (2024)
• J Block East 7 Street: Rs 11,500 per sq.ft (2024)
• J Block East 6th Street: Rs 11,500 per sq.ft (2024)
• J Block East 2nd Street: Rs 11,500 per sq.ft (2024)
• J-Block, 4th Main Road: Rs 12,100 per sq.ft (2024)

Stamp duty and registration fee for property in Majestic Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 11,000 per sq.ft, the total guideline value amounts to Rs 1,10,00,000. The stamp duty at 7% would be Rs 7,70,000, and the registration fee at 2% would be Rs 2,20,000, resulting in a total of Rs 9,90,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Majestic Colony?

The Majestic Colony area is covered by the AnnaNagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor during the registration of property transactions in Mullam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When a property is sold, the guideline value is used to calculate the necessary fees, ensuring that the transaction is compliant with local regulations. Buyers and sellers should be aware of the current guideline value to understand the financial implications of their property transactions.

Frequently asked questions

What is the current guideline value of Majestic Colony?

The current guideline value of Majestic Colony is Rs 11,000 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 2,300 per sq.ft in 2007 to Rs 11,000 per sq.ft in 2024, marking an overall increase of 378% over the years.

What are the other streets in Mullam and their guideline values?

Other streets in Mullam have varying guideline values ranging from Rs 4,400 to Rs 12,100 per sq.ft. For instance, Mangali Amman Temple has a guideline value of Rs 4,400 per sq.ft, while J-Block, 4th Main Road is valued at Rs 12,100 per sq.ft.

What are the stamp duty and registration fees for properties in Majestic Colony?

For a property valued at Rs 1,10,00,000, the stamp duty would be Rs 7,70,000, and the registration fee would be Rs 2,20,000, totaling Rs 9,90,000.

Which office handles property registrations for Majestic Colony?

The AnnaNagar Sub Registrar Office handles property registrations for Majestic Colony, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.