Guideline Value for Majit Colony 7th Street

Majit Colony 7th Street guideline value

The current guideline value of Majit Colony 7th 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 7th Street has changed

The guideline value for Majit Colony 7th Street has undergone several revisions over the years. The earliest recorded figure is from the 2012 revision, which was Rs 4,000 per sq.ft. Following this, the 2024 revision increased the guideline value to Rs 4,400 per sq.ft, marking a change of +10% from the previous figure.

There are no recorded figures for this street in the revisions of 2023, 2017, 2007, 2003, and 2002.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO with 2024 guideline values 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 the same as the current value for Majit Colony 7th Street.

• Majit Colony 6th Street, Maduvankarai: Rs 4,400 per sq.ft (2024)
• Majit Colony 7th Street, Maduvankarai: Rs 4,400 per sq.ft (2024)
• Majit Colony 6th Street: Rs 4,400 per sq.ft (2024)
• Majit Colony 8th Street: Rs 4,400 per sq.ft (2024)
• Majit Colony 5th Street, Maduvankarai: Rs 4,400 per sq.ft (2024)
• Majit Colony 8th Street, Maduvankarai: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Majit Colony 7th 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 be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, making the total cost Rs 3,96,000. Note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Majit Colony 7th Street?

The Majit Colony 7th Street 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 details.

How the guideline value is used when you buy or sell in Velachery

The guideline value is a crucial factor when registering property transactions in Velachery. It serves as a benchmark for determining the minimum price at which a property can be sold or purchased, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When a buyer or seller approaches the registration office, the guideline value is checked to ascertain the applicable duties. This process helps maintain transparency and standardization in property transactions across the region.

Frequently asked questions

What is the current guideline value for Majit Colony 7th Street?

The current guideline value for Majit Colony 7th 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 for Majit Colony 7th Street was Rs 4,000 per sq.ft in 2012 and increased to Rs 4,400 per sq.ft in 2024, representing a change of +10%.

What is the land classification for Majit Colony 7th Street?

Majit Colony 7th Street is classified as Residential Class II Type - II.

Where is the Velacheri Sub Registrar Office located?

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 7th Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the stamp duty would be Rs 3,08,000.