Guideline Value for Majit Colony 5th Street, Maduvankarai

Majit Colony 5th Street, Maduvankarai guideline value

The current guideline value of Majit Colony 5th Street, Maduvankarai is Rs 4,400 per sq.ft, effective from 1 July 2024. This street falls under Velachery village and is classified as Residential Class II Type - II, governed by the Velacheri SRO.

How the guideline value of Majit Colony 5th Street, Maduvankarai has changed

The guideline value for Majit Colony 5th Street has seen significant changes over the years. In the 2017 revision, the value was Rs 2,680 per sq.ft. With the 2024 revision, the value increased to Rs 4,400 per sq.ft, marking a change of +64% from the previous figure.

There are no figures available for the years 2023, 2012, 2007, 2003, and 2002 in the register for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO carrying 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 the same as the guideline value for Majit Colony 5th Street.

• Majit Colony 5th Street: Rs 4,400 per sq.ft (2024)
• Majit Colony 6th Street: Rs 4,400 per sq.ft (2024)
• Majit Colony 4th Street, Maduvankarai: Rs 4,400 per sq.ft (2024)
• Majit Colony 6th Street, Maduvankarai: Rs 4,400 per sq.ft (2024)
• Majit Colony 4th Street: Rs 4,400 per sq.ft (2024)
• Majit Colony 7th Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Majit Colony 5th Street, Maduvankarai

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, making the total Rs 3,96,000. Stamp 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 details.

Which Sub Registrar Office covers Majit Colony 5th Street, Maduvankarai?

The Sub Registrar Office that covers Majit Colony 5th Street, Maduvankarai 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 in the registration process when buying or selling property in Velachery. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the registration office will assess the sale price against the guideline value. The higher of the two will be used to calculate the applicable duties and fees, ensuring that the appropriate amounts are collected based on the established guidelines.

Frequently asked questions

What is the current guideline value of Majit Colony 5th Street?

The current guideline value of Majit Colony 5th Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since the 2017 revision, the guideline value has increased from Rs 2,680 per sq.ft to Rs 4,400 per sq.ft in 2024, representing a change of +64%.

Are there any revisions without figures for Majit Colony 5th Street?

Yes, the register has no figures for Majit Colony 5th Street for the years 2023, 2012, 2007, 2003, and 2002.

What is the land classification for Majit Colony 5th Street?

Majit Colony 5th Street is classified as Residential Class II Type - II according to the guideline value register.

Where is the Sub Registrar Office for Majit Colony 5th Street located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042, covering Majit Colony 5th Street.