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Guideline Value

Corporate

Guideline Value for Majit Colony 14th Street, Maduvankarai

₹4400/sq.ft.

The guideline value for Majit Colony 14th Street, Maduvankarai in Velachery village (Velacheri SRO, Chennai zone) is Rs 4400 per sq.ft, effective 1 July 2024. It was Rs 4000 per sq.ft from 1 April 2023, a 10% change. The land classification is Residential Class Ii Type - Ii. Source: TNReginet guideline value register.

Last updated:

Chennai

Zone

Velachery

Village

Velacheri

SRO

Residential Class II Type - II
History
Period Guideline Value
From 1-7-2024 ₹4400 /sq.ft.
From 1-4-2023 ₹4000 /sq.ft.
From 9-6-2017 To 31-3-2023 N/A
From 1-4-2012 To 8-6-2017 ₹4000 /sq.ft.
From 1-8-2007 To 31-3-2012 N/A
From 1-4-2003 To 31-7-2007 N/A
From 1-4-2002 To 31-3-2003 N/A
Guideline Value Timeline
Guideline Value Comparison

SRO (Sub Registrar Office)

No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042
044-22553736
[email protected]

DRO (District Registrar Office)

Integrated Building For Offices Of The Commercial Taxes And Registration Department, Fanepet, Nandhanam, Chennai - 35.
044-22505552
[email protected], [email protected]

DIG (Deputy Inspector General)

Integrated Building For Offices Of The Commercial Taxes And Registration, Department Fanepet, Nandanam, Chennai - 600 035.
044-29510527
[email protected]
Records for a plot on Majit Colony 14th Street, Maduvankarai

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Majit Colony 14th Street, Maduvankarai guideline value

The current guideline value of Majit Colony 14th Street, Maduvankarai 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 14th Street, Maduvankarai has changed

The guideline value for Majit Colony 14th Street has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 4,400 per sq.ft, reflecting a 10% increase from the 2023 revision, which was Rs 4,000 per sq.ft. Prior to that, the 2012 revision also recorded Rs 4,000 per sq.ft. The register has no figures for the revisions in 2017, 2007, 2003, and 2002.

Overall, from 2012 to 2024, the guideline value has increased by 10%. This reflects a consistent valuation for the street over the years, with no changes noted in the 2012 to 2023 period.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO, with the 2024 guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, which is equal to the current guideline value of Majit Colony 14th Street.

Stamp duty and registration fee for property in Majit Colony 14th Street, Maduvankarai

For a 1,000 sq.ft plot at the current rate of Rs 4,400 per sq.ft, the 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 to Rs 3,96,000. 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 Majit Colony 14th Street, Maduvankarai?

The Sub Registrar Office that covers Majit Colony 14th Street, Maduvankarai 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 during the registration process of property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value is essential for calculating the applicable stamp duty and registration fees. Buyers should be aware that these charges are based on the higher of the guideline value or the sale price, ensuring that the transaction is fairly assessed.

Frequently asked questions

What is the current guideline value of Majit Colony 14th Street?

The current guideline value of Majit Colony 14th 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 changed from Rs 4,000 per sq.ft in 2023 to Rs 4,400 per sq.ft in 2024, marking a 10% increase. There was no change in the value from 2012 to 2023, as it remained at Rs 4,000 per sq.ft.

What is the land classification for Majit Colony 14th Street?

Majit Colony 14th Street is classified as Residential Class II Type - II, which indicates its suitability for residential development.

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

The Velacheri Sub Registrar Office, which covers Majit Colony 14th Street, is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot valued at Rs 4,400 per sq.ft would incur a total of Rs 3,96,000 in fees.