Guideline Value for Majit Colony 3th Street, Maduvankarai

Majit Colony 3th Street, Maduvankarai guideline value

The current guideline value of Majit Colony 3th Street, Maduvankarai is Rs 4,400 per sq.ft, effective from 1 July 2024. This street falls under the Velacheri SRO and is classified as Residential Class II Type - II.

How the guideline value of Majit Colony 3th Street, Maduvankarai has changed

Since the 2012 revision, the guideline value for Majit Colony 3th Street has seen several changes. In 2012, the guideline value was Rs 4,000 per sq.ft. This decreased to Rs 2,680 per sq.ft in 2017, marking a decline of 33%. However, the value increased significantly to Rs 4,000 per sq.ft in 2023, and then rose again to Rs 4,400 per sq.ft in 2024, reflecting a 10% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 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 value is Rs 4,400 per sq.ft, which is equal to the current guideline value of Majit Colony 3th Street.

• Majit Colony 3rd Street: Rs 4,400 per sq.ft (2024)
• Majit Colony 4th Street: Rs 4,400 per sq.ft (2024)
• Majit Colony 2th Street, Maduvankarai: Rs 4,400 per sq.ft (2024)
• Majit Colony 4th Street, Maduvankarai: Rs 4,400 per sq.ft (2024)
• Majit Colony 2nd Street: Rs 4,400 per sq.ft (2024)
• Majit Colony 5th Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Majit Colony 3th Street, Maduvankarai

For a 1,000 sq.ft plot at the current rate, the 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, totaling 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. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Majit Colony 3th Street, Maduvankarai?

The Majit Colony 3th 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 the registration process when buying or selling property in Velachery. It serves as a benchmark for determining the stamp duty and registration fees, which are essential components of the transaction costs.

When a property is sold, the guideline value may influence the sale price, as the duty is charged on the higher of the guideline value or the sale price. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

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

The current guideline value of Majit Colony 3th 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 changed from Rs 4,000 per sq.ft in 2012 to Rs 2,680 per sq.ft in 2017, then back to Rs 4,000 per sq.ft in 2023, and finally to Rs 4,400 per sq.ft in 2024.

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

Majit Colony 3th Street is classified as Residential Class II Type - II.

Where can I find the Velacheri Sub Registrar Office?

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

How is stamp duty calculated for properties in Majit Colony 3th Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees would amount to Rs 3,96,000.