Guideline Value for Majit Colony 16th Street, Maduvankarai

Majit Colony 16th Street, Maduvankarai guideline value

The current guideline value of Majit Colony 16th 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 16th Street, Maduvankarai has changed

The guideline value for Majit Colony 16th Street has seen revisions over the years. The 2012 revision set the value at Rs 4,000 per sq.ft. In the 2024 revision, the value increased to Rs 4,400 per sq.ft, marking a 10% increase from the 2012 figure. There are no figures available for the years 2002, 2003, 2007, 2017, and 2023 in the register for this street.

Thus, the only revisions that reflect a change in the guideline value for Majit Colony 16th Street are from 2012 to 2024. The increase from Rs 4,000 to Rs 4,400 signifies a notable adjustment in the guideline value over this period.

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. The median guideline value is Rs 4,400 per sq.ft, which is the same as the current figure for Majit Colony 16th Street.

• Majit Colony 16th Street: Rs 4,400 per sq.ft (2024)
• Majit Colony 17th Street: Rs 4,400 per sq.ft (2024)
• Majit Colony 15th Street, Maduvankarai: Rs 4,400 per sq.ft (2024)
• Majit Colony 17th Street, Maduvankarai: Rs 4,400 per sq.ft (2024)
• Majit Colony 15th Street: Rs 4,400 per sq.ft (2024)
• Majit Colony 1st Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Majit Colony 16th Street, Maduvankarai

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 the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Majit Colony 16th Street, Maduvankarai?

The Sub Registrar Office that covers Majit Colony 16th Street, Maduvankarai is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For more information, you can find your SRO.

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

The guideline value plays a crucial role during the registration of property transactions in Velachery. When a property is bought or sold, the guideline value is used to calculate the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from the transaction.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly impacts the overall cost of the transaction. Understanding these values can help in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of Majit Colony 16th Street, Maduvankarai?

The current guideline value of Majit Colony 16th Street, Maduvankarai is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value increased from Rs 4,000 per sq.ft in 2012 to Rs 4,400 per sq.ft in 2024, which is a 10% increase. There are no figures available for the years 2003, 2007, 2017, and 2023.

What is the land classification for Majit Colony 16th Street?

The land classification for Majit Colony 16th Street is Residential Class II Type - II. This classification impacts the guideline value and the types of properties that can be developed in the area.

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

The Sub Registrar Office for Majit Colony 16th Street, Maduvankarai is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the stamp duty calculated for properties in this area?

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