Guideline Value for Majit Colony 5th Street

Majit Colony 5th Street guideline value

The current guideline value of Majit Colony 5th 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 5th Street has changed

The guideline value for Majit Colony 5th Street has undergone several revisions over the years. In the 2007 revision, the value was set at 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 the 2017 revision, the value decreased to Rs 2,680 per sq.ft, reflecting a decline of 33%. The most recent revision in 2024 has brought the value back up to Rs 4,400 per sq.ft, which is an increase of 64% from 2017.

It is important to note that there are no figures available for the revisions in 2023, 2003, and 2002 for this street. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 193%.

Guideline values in Velachery

In Velachery, there are a total of 2,691 streets under the Velacheri SRO that have 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 equal to the current guideline value of Majit Colony 5th Street.

• Majit Colony 4th Street, Maduvankarai: Rs 4,400 per sq.ft (2024)
• Majit Colony 5th Street, Maduvankarai: Rs 4,400 per sq.ft (2024)
• Majit Colony 4th Street: Rs 4,400 per sq.ft (2024)
• Majit Colony 6th Street: Rs 4,400 per sq.ft (2024)
• Majit Colony 3th Street, Maduvankarai: Rs 4,400 per sq.ft (2024)
• Majit Colony 6th Street, Maduvankarai: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Majit Colony 5th 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 at 7% would be 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 essential to note that the duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Majit Colony 5th Street?

The Sub Registrar Office that covers Majit Colony 5th 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 in property transactions in Velachery. It serves as the basis for calculating stamp duty and registration fees during the registration process. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is sold, the guideline value helps determine the minimum price at which the property can be registered. This ensures that the transaction is documented accurately and that the appropriate taxes are collected by the government.

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 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, marking an overall increase of 193% since 2007.

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

Majit Colony 5th Street is classified as Residential Class II Type - II.

What are the stamp duty and registration fees for properties in this area?

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.

Where is the Sub Registrar Office located?

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