Guideline Value for Majit Colony 16th Street

Majit Colony 16th Street guideline value

The current guideline value for Majit Colony 16th 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 16th Street has changed

The guideline value for Majit Colony 16th Street has undergone several revisions over the years. The oldest recorded revision is from 2007, where the guideline value was Rs 1,500 per sq.ft. The latest revision in 2024 shows a significant increase to Rs 4,400 per sq.ft, marking a change of +193% from the 2007 figure.

There are no figures recorded for the years 2023, 2017, 2012, 2003, and 2002 for this street. The 2024 revision reflects the median guideline value for streets in Velachery, which ranges from Rs 3,300 to Rs 13,200 per sq.ft.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that have a 2024 guideline value. The median value is Rs 4,400 per sq.ft, which is the same as the guideline value for Majit Colony 16th Street. Below are other streets in Velachery with their respective guideline values:

• Majit Colony 15th Street, Maduvankarai: Rs 4,400 per sq.ft (2024)
• Majit Colony 16th Street, Maduvankarai: Rs 4,400 per sq.ft (2024)
• Majit Colony 15th Street: Rs 4,400 per sq.ft (2024)
• Majit Colony 17th Street: Rs 4,400 per sq.ft (2024)
• Majit Colony 14th Street, Maduvankarai: Rs 4,400 per sq.ft (2024)
• Majit Colony 17th Street, Maduvankarai: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Majit Colony 16th 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, making the total charges 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.

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

Which Sub Registrar Office covers Majit Colony 16th Street?

The Sub Registrar Office that covers Majit Colony 16th 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 further assistance.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Velachery. It is used to determine the stamp duty and registration fees applicable to the transaction, ensuring that the government receives the appropriate revenue from property transactions.

When a property is sold, the guideline value helps establish the minimum price at which the property can be registered. This value is often compared with the sale price, and the higher amount is used to calculate the associated fees.

Frequently asked questions

What is the current guideline value for Majit Colony 16th Street?

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

How much has the guideline value changed since 2007?

Since 2007, the guideline value has increased from Rs 1,500 per sq.ft to Rs 4,400 per sq.ft, which is a change of +193%.

Are there any years with no recorded figures for Majit Colony 16th Street?

Yes, there are no recorded figures for Majit Colony 16th Street in the years 2023, 2017, 2012, 2003, and 2002.

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the stamp duty calculated for properties in Velachery?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. The current rate for stamp duty is 7%, with an additional registration fee of 2% on the guideline value.