Guideline Value for Majit Colony, New Street

Majit Colony, New Street guideline value

The current guideline value of Majit Colony, New 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, New Street has changed

In the 2024 revision, the guideline value for Majit Colony, New Street is set at Rs 4,400 per sq.ft. The register has no figures for the years 2023, 2017, 2012, 2007, 2003, and 2002 for this street.

As there have been no changes between the revisions above, the current value remains consistent with the median figure for the area.

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 matches the guideline value of Majit Colony, New Street.

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

For a 1,000 sq.ft plot at the current rate, the guideline value is Rs 44,00,000. The stamp duty at 7% amounts to Rs 3,08,000, and the registration fee at 2% is Rs 88,000, totaling Rs 3,96,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Majit Colony, New Street?

The Sub Registrar Office that covers Majit Colony, New 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 plays a crucial role during the registration of property transactions in Velachery. It serves as the basis for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling property, it is essential to be aware of the guideline value, as it can affect the overall cost of the transaction. Buyers should ensure that they are informed about the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Majit Colony, New Street?

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

What is the land classification for Majit Colony, New Street?

The land classification for Majit Colony, New Street is Residential Class II Type - II.

How many streets in Velachery have a guideline value?

There are 2,691 streets in Velachery under the Velacheri SRO that carry a 2024 guideline value.

What is the median guideline value in Velachery?

The median guideline value in Velachery is Rs 4,400 per sq.ft, which is the same as the value for Majit Colony, New Street.

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.