Guideline Value for Majestic Park

Majestic Park guideline value

The current guideline value of Majestic Park, located in Saligramam village under the Virugambakkam SRO, is Rs 6,600 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - II.

How the guideline value of Majestic Park has changed

The guideline value for Majestic Park has seen significant changes over the years. In 2002, the guideline value was Rs 1,469 per sq.ft. This increased to Rs 1,604 per sq.ft in 2003, marking a 9% rise. By 2007, the value surged to Rs 1,800 per sq.ft, reflecting a 12% increase. The 2012 revision saw a notable jump to Rs 6,000 per sq.ft, which was a 233% increase from the previous figure. However, in 2017, the value decreased to Rs 4,020 per sq.ft, a decline of 33% from 2012. The guideline value then rose to Rs 6,000 per sq.ft in 2023, and finally, it reached Rs 6,600 per sq.ft in the 2024 revision, representing a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 349%. There are no figures for any other revisions for this street in the register.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO, with guideline values ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, making the current guideline value of Majestic Park above that median.

• Majeeth Street (Surya Hospitel Back Side): Rs 2,750 per sq.ft (2024)
• Majeeth Nagar: Rs 2,750 per sq.ft (2024)
• Manikkavasagar Street: Rs 4,400 per sq.ft (2024)
• L.V.Prasath Street: Rs 6,050 per sq.ft (2024)
• Logaiyya Street: Rs 5,500 per sq.ft (2024)
• Logaiyya Colony Main Road: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Majestic Park

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value would be Rs 66,00,000. The stamp duty at 7% would be Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, together amounting to Rs 5,94,000. 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 Park?

The Sub Registrar Office that covers Majestic Park is 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 Saligramam

The guideline value is a crucial factor during the registration of property transactions in Saligramam. It is used to determine the stamp duty and registration fees that must be paid when buying or selling property in the area.

When a property is registered, the guideline value serves as a benchmark for calculating these fees. Buyers should be aware that the duty is charged based on the higher of the guideline value or the sale price, ensuring that the correct amount is paid during the registration process.

Frequently asked questions

What is the current guideline value of Majestic Park?

The current guideline value of Majestic Park is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,469 per sq.ft in 2002 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of 349% over the years.

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

For a 1,000 sq.ft plot, the total guideline value is Rs 66,00,000, with stamp duty at 7% amounting to Rs 4,62,000 and a registration fee at 2% amounting to Rs 1,32,000, totaling Rs 5,94,000.

Which Sub Registrar Office covers Majestic Park?

The Virugambakkam Sub Registrar Office covers Majestic Park, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification of Majestic Park?

Majestic Park is classified as Residential Special Type - II, indicating its designated use for residential purposes within the area.