Guideline Value for Majit Colony 17th Street, Maduvankarai

Majit Colony 17th Street, Maduvankarai guideline value

The current guideline value of Majit Colony 17th Street, Maduvankarai is Rs 4,400 per sq.ft, effective from 1 July 2024. This street falls under the Velacheri village and is classified as Residential Class II Type - II, within the Velacheri SRO.

How the guideline value of Majit Colony 17th Street, Maduvankarai has changed

In the 2012 revision, the guideline value was set at Rs 4,000 per sq.ft. This figure remained unchanged through the 2023 revision, which also recorded Rs 4,000 per sq.ft. However, in the 2024 revision, the guideline value increased to Rs 4,400 per sq.ft, marking a 10% rise from the previous year. Overall, from 2012 to 2024, there has been a 10% increase in the guideline value.

The revisions for the years 2002, 2003, 2007, and 2017 have no figures recorded for this street in the register.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO, with guideline values 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 2024 figure for Majit Colony 17th Street.

• Majit Colony 17th Street: Rs 4,400 per sq.ft (2024)
• Majit Colony 1st Street: Rs 4,400 per sq.ft (2024)
• Majit Colony 16th Street, Maduvankarai: Rs 4,400 per sq.ft (2024)
• Majit Colony 1th Street, Maduvankarai: Rs 4,400 per sq.ft (2024)
• Majit Colony 16th Street: Rs 4,400 per sq.ft (2024)
• Majit Colony 2nd Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Majit Colony 17th 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, while the registration fee at 2% would be Rs 88,000, bringing the total fees together to Rs 3,96,000. 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 17th Street, Maduvankarai?

The Majit Colony 17th Street, Maduvankarai is covered by 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 in property transactions in Velachery, as it determines the minimum value at which properties can be registered. When buying or selling property, the stamp duty and registration fees are calculated based on this guideline value or the sale price, whichever is higher.

It is important for buyers and sellers to be aware of the current guideline value to ensure compliance with registration requirements and to accurately calculate the associated costs during a property transaction.

Frequently asked questions

What is the current guideline value of Majit Colony 17th Street, Maduvankarai?

The current guideline value of Majit Colony 17th 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 has increased from Rs 4,000 per sq.ft in 2012 to Rs 4,400 per sq.ft in 2024, reflecting a 10% increase overall. There was no change in the value from 2012 to 2023.

What is the land classification for Majit Colony 17th Street?

Majit Colony 17th Street is classified as Residential Class II Type - II, indicating its designation for residential purposes.

What are the stamp duty rates for properties in this area?

The stamp duty for properties in Majit Colony 17th Street is charged at a rate of 7% on the guideline value or the sale price, whichever is higher.

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

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