Guideline Value for Majit Colony 17th Street

Majit Colony 17th Street guideline value

The current guideline value of Majit Colony 17th 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 is classified as Residential Class II Type - II.

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

The guideline value for Majit Colony 17th Street has undergone several revisions over the years. The earliest recorded figure is from 2007, set at Rs 1,800 per sq.ft. This value saw a significant increase to Rs 4,000 per sq.ft in 2012, remaining unchanged until the 2023 revision, which also recorded Rs 4,000 per sq.ft. In 2024, the guideline value increased to Rs 4,400 per sq.ft, marking a 10% rise from the previous year.

Between 2007 and 2012, there was a substantial increase of 122%. Overall, from 2007 to 2024, the guideline value has risen by 144%. It is important to note that there are no recorded figures for the years 2002, 2003, and 2017 for this street.

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 for these streets is Rs 4,400 per sq.ft, which matches the current figure for Majit Colony 17th Street.

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

Stamp duty and registration fee for property in Majit Colony 17th 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 essential to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Majit Colony 17th Street?

The Sub Registrar Office that covers Majit Colony 17th Street 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 is a crucial factor in the registration process when buying or selling property in Velachery. It serves as a benchmark for determining the amount of stamp duty and registration fees that need to be paid during the transaction.

Frequently asked questions

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

The current guideline value of Majit Colony 17th 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 increased from Rs 1,800 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 144% over the years.

What are the stamp duty and registration fees for property here?

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000, and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which office handles property registrations in this area?

The Velacheri Sub Registrar Office handles property registrations for Majit Colony 17th Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

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

Majit Colony 17th Street is classified as Residential Class II Type - II according to the local guidelines.