Guideline Value for Majit Colony 1st Street

Majit Colony 1st Street guideline value

The current guideline value of Majit Colony 1st 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 1st Street has changed

In the 2007 revision, the guideline value was Rs 1,500 per sq.ft. This figure saw a significant increase in the 2012 revision, where it remained at Rs 4,000 per sq.ft. The next revision in 2023 also maintained the value at Rs 4,000 per sq.ft. However, in the 2024 revision, the guideline value increased by 10% to Rs 4,400 per sq.ft.

Overall, from the 2007 revision to the 2024 revision, there has been an increase of 193%. The register has no 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 is Rs 4,400 per sq.ft, which is the same as the current value for Majit Colony 1st Street.

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

Stamp duty and registration fee for property in Majit Colony 1st Street

For a 1,000 sq.ft plot at the current rate, the guideline value is 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 Rs 3,96,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Majit Colony 1st Street?

The Sub Registrar Office that covers Majit Colony 1st 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 information.

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

The guideline value is a crucial factor when registering property transactions in Velachery. It determines the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the fair value of the property. Buyers and sellers must take this value into account during negotiations and finalizing the sale price.

Frequently asked questions

What is the current guideline value of Majit Colony 1st Street?

The current guideline value of Majit Colony 1st 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 seen significant changes, from Rs 1,500 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 193%.

What are the stamp duty and registration fees for properties 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 registrations for Majit Colony 1st Street?

The Velacheri Sub Registrar Office handles registrations for Majit Colony 1st Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification of Majit Colony 1st Street?

Majit Colony 1st Street is classified as Residential Class II Type - II, indicating its designation for residential use.