Guideline Value for Majit Colony 3rd Street

Majit Colony 3rd Street guideline value

The current guideline value of Majit Colony 3rd 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 3rd Street has changed

The guideline value for Majit Colony 3rd Street has undergone several revisions over the years. The earliest recorded revision is from 2007, where the guideline value was Rs 1,500 per sq.ft. This increased significantly to Rs 4,000 per sq.ft in 2012, marking a rise of 167%. However, in 2017, the value dropped to Rs 2,680 per sq.ft, a decrease of 33%. The value then rose again to Rs 4,000 per sq.ft in 2023, before reaching the current figure of Rs 4,400 per sq.ft in 2024, reflecting a 10% increase from the previous year.

Notably, there are no recorded figures for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 193%, showcasing significant changes over the years.

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 aligns with the current value of Majit Colony 3rd Street.

• Majit Colony 2th Street, Maduvankarai: Rs 4,400 per sq.ft (2024)
• Majit Colony 3th Street, Maduvankarai: Rs 4,400 per sq.ft (2024)
• Majit Colony 2nd Street: Rs 4,400 per sq.ft (2024)
• Majit Colony 4th Street: Rs 4,400 per sq.ft (2024)
• Majit Colony 1th Street, Maduvankarai: Rs 4,400 per sq.ft (2024)
• Majit Colony 4th Street, Maduvankarai: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Majit Colony 3rd Street

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 to Rs 3,96,000. It is important to note that 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 3rd Street?

The Sub Registrar Office that covers Majit Colony 3rd 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 plays a crucial role in the registration process of property transactions in Velachery. When buying or selling property, the guideline value is used to determine the applicable stamp duty and registration fees, ensuring that the transaction is legally documented and taxed appropriately.

It is essential for buyers and sellers to be aware of the guideline value as it influences the overall cost of property transactions. Accurate knowledge of the guideline value helps in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of Majit Colony 3rd Street?

The current guideline value of Majit Colony 3rd 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 changed from Rs 1,500 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 193% over the years.

What are the stamp duty and registration fees for properties in Majit Colony 3rd Street?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total cost would be Rs 3,96,000, including both fees.

Which office handles property registrations for Majit Colony 3rd Street?

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

What is the land classification for Majit Colony 3rd Street?

Majit Colony 3rd Street is classified as Residential Class II Type - II, which is important for determining the applicable guidelines and regulations for property transactions.