Guideline Value for Majit Colony 15th Street

Majit Colony 15th Street guideline value

The current guideline value of Majit Colony 15th 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 falls under the Residential Class II Type - II land classification.

How the guideline value of Majit Colony 15th Street has changed

The guideline value for Majit Colony 15th Street has seen significant changes over the years. The earliest recorded revision was in 2007, where the value was Rs 1,500 per sq.ft. This increased to Rs 4,000 per sq.ft in the 2023 revision, marking a substantial rise of 167%. With the latest revision in 2024, the guideline value has further increased by 10% to Rs 4,400 per sq.ft.

Overall, from 2007 to 2024, the guideline value has increased by 193%. It is important to note that the register has no figures for the years 2002, 2003, 2012, and 2017 for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO with a 2024 guideline value 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 equal to the current value of Majit Colony 15th Street.

• Majit Colony 14th Street, Maduvankarai: Rs 4,400 per sq.ft (2024)
• Majit Colony 15th Street, Maduvankarai: Rs 4,400 per sq.ft (2024)
• Majit Colony 14th Street: Rs 4,400 per sq.ft (2024)
• Majit Colony 16th Street: Rs 4,400 per sq.ft (2024)
• Majit Colony 13th Street, Maduvankarai: Rs 4,400 per sq.ft (2024)
• Majit Colony 16th Street, Maduvankarai: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Majit Colony 15th 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, totaling Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Majit Colony 15th Street?

The Sub Registrar Office that covers Majit Colony 15th 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 details.

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

The guideline value is a crucial factor in property transactions in Velachery. It serves as a benchmark for determining the minimum price at which a property can be registered. When buyers and sellers agree on a sale price, the stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price.

This ensures that the government receives the appropriate revenue from property transactions. Buyers should be aware of the guideline value to understand the financial implications of their property purchase.

Frequently asked questions

What is the current guideline value of Majit Colony 15th Street?

The current guideline value of Majit Colony 15th Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed from 2007 to 2024?

From 2007 to 2024, the guideline value has increased by 193%, rising from Rs 1,500 per sq.ft to Rs 4,400 per sq.ft.

What was the guideline value in 2023?

The guideline value for Majit Colony 15th Street in 2023 was Rs 4,000 per sq.ft.

Are there any years without a recorded guideline value for this street?

Yes, the register has no figures for the years 2002, 2003, 2012, and 2017 for Majit Colony 15th Street.

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

The Sub Registrar Office covering Majit Colony 15th Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.