Guideline Value for Majit Colony 13th Street

Majit Colony 13th Street guideline value

The current guideline value of Majit Colony 13th 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 13th Street has changed

In the 2007 revision, the guideline value was Rs 1,500 per sq.ft. This increased significantly to Rs 4,000 per sq.ft in the 2023 revision, marking a 167% rise over the 16 years. The most recent revision in 2024 has set the guideline value at Rs 4,400 per sq.ft, reflecting a 10% increase from the previous year.

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

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. The guideline value of Majit Colony 13th Street is equal to this median.

• Majit Colony 11th Street, Maduvankarai: 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, Maduvankarai: Rs 4,400 per sq.ft (2024)
• Majit Colony 14th Street: Rs 4,400 per sq.ft (2024)
• Majit Colony 14th Street, Maduvankarai: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Majit Colony 13th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. 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 Majit Colony 13th Street?

The Sub Registrar Office that covers Majit Colony 13th 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 is a crucial factor during property registration in Velachery. It serves as a benchmark for determining the stamp duty and registration fees applicable on property transactions.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair price for taxation purposes. It is essential to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Majit Colony 13th Street?

The current guideline value of Majit Colony 13th Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How much 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, representing an overall increase of 193%.

What is the land classification for Majit Colony 13th Street?

Majit Colony 13th Street is classified as Residential Class II Type - II.

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

The Sub Registrar Office for Majit Colony 13th Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for properties in Majit Colony 13th Street?

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