Guideline Value for Majit Colony 4th Street

Majit Colony 4th Street guideline value

The current guideline value of Majit Colony 4th 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 4th Street has changed

The guideline value for Majit Colony 4th Street has undergone several revisions over the years. The earliest recorded figure is from 2007, when the value was Rs 1,500 per sq.ft. This increased to Rs 4,000 per sq.ft in 2012, marking a significant rise of 167%. However, in 2017, the value decreased to Rs 2,680 per sq.ft, a drop of 33%. The value then climbed to Rs 4,000 per sq.ft in 2023, and most recently, it reached Rs 4,400 per sq.ft in 2024, reflecting a 10% increase.

There are no recorded figures for the years 2002 and 2003 for this street. The overall change from the 2007 revision to the 2024 revision is an increase of 193%, highlighting the fluctuations in the guideline value 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 value among these streets is Rs 4,400 per sq.ft, which matches the guideline value of Majit Colony 4th Street.

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

Stamp duty and registration fee for property in Majit Colony 4th 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 is calculated at 7%, resulting in Rs 3,08,000, while the registration fee at 2% amounts to Rs 88,000. Therefore, the total cost for stamp duty and registration fee together is Rs 3,96,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Majit Colony 4th Street?

The Sub Registrar Office that covers Majit Colony 4th 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 during the registration process when buying or selling property in Velachery. It serves as a benchmark for determining the applicable stamp duty and registration fees, ensuring that these costs are calculated based on the current market standards set by the authorities.

When a buyer or seller engages in a transaction, the guideline value helps in establishing a fair price for the property. It is essential for both parties to be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Majit Colony 4th Street?

The current guideline value of Majit Colony 4th 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, with various fluctuations in between, including a drop in 2017 and subsequent increases.

What is the stamp duty for properties in Majit Colony 4th Street?

The stamp duty for properties in Majit Colony 4th Street is calculated at 7% of the guideline value, which for a 1,000 sq.ft plot amounts to Rs 3,08,000.

Where is the Sub Registrar Office for Majit Colony 4th Street located?

The Sub Registrar Office for Majit Colony 4th Street is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How do I calculate the registration fee for a property?

The registration fee is calculated at 2% of the guideline value. For example, for a 1,000 sq.ft plot at Rs 4,400 per sq.ft, the registration fee would be Rs 88,000.