Guideline Value for Majit Colony 11th Street

Majit Colony 11th Street guideline value

The current guideline value of Majit Colony 11th Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - II.

How the guideline value of Majit Colony 11th Street has changed

The guideline value for Majit Colony 11th Street has undergone several revisions over the years. The register has no figures for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was Rs 4,000 per sq.ft, which increased by 10% to Rs 4,400 per sq.ft in the 2024 revision.

This increase reflects the adjustments made in the guideline values as per the revisions. The 2024 figure is now aligned with the median guideline value of Rs 4,400 per sq.ft for the streets in Velachery.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO, with guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value is Rs 4,400 per sq.ft, which is the same as the current value for Majit Colony 11th Street.

• Majit Colony 10th Street, Maduvankarai: Rs 4,400 per sq.ft (2024)
• Majit Colony 11th Street, Maduvankarai: Rs 4,400 per sq.ft (2024)
• Majit Colony 10th Street: Rs 4,400 per sq.ft (2024)
• Majit Colony 12th Street: Rs 4,400 per sq.ft (2024)
• Majit Colony 12th Street, Maduvankarai: Rs 4,400 per sq.ft (2024)
• Majit Colony 13th Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Majit Colony 11th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, while the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. Please note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Majit Colony 11th Street?

The Sub Registrar Office that covers Majit Colony 11th Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Velachery. It is used to determine the stamp duty and registration fees that need to be paid during the sale or purchase of property.

When a property is sold, the guideline value is considered to ensure that the government receives the appropriate revenue from the transaction. Buyers and sellers must be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Majit Colony 11th Street?

The current guideline value of Majit Colony 11th Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

The guideline value increased from Rs 4,000 per sq.ft in 2023 to Rs 4,400 per sq.ft in 2024, marking a 10% increase.

What is the land classification for Majit Colony 11th Street?

Majit Colony 11th Street is classified as Residential Class II Type - II.

Where can I find the Velacheri Sub Registrar Office?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the stamp duty calculated for properties in Majit Colony 11th Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 at 7%.