Guideline Value for Majit Colony 8th Street

Majit Colony 8th Street guideline value

The current guideline value of Majit Colony 8th Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Majit Colony 8th Street has changed

The guideline value for Majit Colony 8th Street has seen changes over the years. In the 2012 revision, the value 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 10% increase from the 2012 figure.

There are no figures available in the register for the years 2002, 2003, 2007, 2017, and 2023 for this street. Thus, the only revisions with recorded figures are from 2012 and 2024.

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 8th Street.

• Majit Colony 7th Street, Maduvankarai: Rs 4,400 per sq.ft (2024)
• Majit Colony 8th Street, Maduvankarai: Rs 4,400 per sq.ft (2024)
• Majit Colony 7th Street: Rs 4,400 per sq.ft (2024)
• Majit Colony 9th Street: Rs 4,400 per sq.ft (2024)
• Majit Colony 6th Street, Maduvankarai: Rs 4,400 per sq.ft (2024)
• Majit Colony 9th Street, Maduvankarai: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Majit Colony 8th Street

For a 1,000 sq.ft plot at the current rate, the 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, totaling Rs 3,96,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Majit Colony 8th Street?

The Sub Registrar Office that covers Majit Colony 8th 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 an essential factor when registering property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the official valuation of the property. It is crucial for buyers and sellers to be aware of this value to avoid disputes during the registration process.

Frequently asked questions

What is the current guideline value of Majit Colony 8th Street?

The current guideline value of Majit Colony 8th 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 increased from Rs 4,000 per sq.ft in 2012 to Rs 4,400 per sq.ft in 2024, representing a 10% increase. There are no recorded figures for the years 2002, 2003, 2007, 2017, and 2023 for this street.

What is the land classification for Majit Colony 8th Street?

Majit Colony 8th Street is classified as Residential Class II Type - II. This classification is important for understanding the zoning regulations in the area.

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. This office handles the registration of properties in the area.

How is stamp duty calculated for properties in Majit Colony 8th Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property with a guideline value of Rs 44,00,000, the stamp duty would be Rs 3,08,000 at the rate of 7%.