Guideline Value for Majit Colony 12th Street

Majit Colony 12th Street guideline value

The current guideline value of Majit Colony 12th Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Majit Colony 12th Street has changed

The guideline value for Majit Colony 12th Street has seen significant changes over the years. In the 2007 revision, the value was Rs 1,500 per sq.ft. This figure increased to Rs 4,000 per sq.ft in the 2023 revision, marking a substantial increase of 167%. The most recent revision in 2024 raised the guideline value to Rs 4,400 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for the revisions in 2017, 2012, 2003, and 2002 for this street. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 193%.

Guideline values in Velachery

In Velachery, a total of 2,691 streets under the Velacheri SRO have a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, which aligns with the guideline value of Majit Colony 12th Street.

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

Stamp duty and registration fee for property in Majit Colony 12th 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, and the registration fee at 2% would be Rs 88,000, bringing the total cost to Rs 3,96,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Majit Colony 12th Street?

Majit Colony 12th Street is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when registering property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the state receives appropriate revenue through stamp duty and registration fees.

When a buyer or seller engages in a property transaction, the guideline value is compared to the sale price. The duty is charged on the higher of the two values, which helps maintain transparency and fairness in property dealings.

Frequently asked questions

What is the current guideline value of Majit Colony 12th Street?

The current guideline value of Majit Colony 12th Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,500 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, marking a total increase of 193% over the years.

What is the land classification for Majit Colony 12th Street?

Majit Colony 12th Street is classified as Residential Class II Type - II, indicating its suitability for residential purposes.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which Sub Registrar Office should I approach for property registration?

The Velacheri Sub Registrar Office covers Majit Colony 12th Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.