Guideline Value for New Street, Majit Colony,

New Street, Majit Colony, guideline value

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

In the 2012 revision, the guideline value was Rs 4,000 per sq.ft. This figure remained unchanged in the 2023 revision. However, in the latest 2024 revision, the guideline value increased to Rs 4,400 per sq.ft, marking a 10% rise from the previous year. Overall, from 2012 to 2024, the guideline value has increased by 10%.

For the years 2002, 2003, 2007, and 2017, the register has no figure for New Street, Majit Colony. The 2024 figure of Rs 4,400 per sq.ft is significant as it aligns with the median guideline value of Rs 4,400 per sq.ft for the 2691 streets in Velachery under the Velacheri SRO.

Guideline values in Velachery

The guideline values in Velachery range from Rs 3,300 to Rs 13,200 per sq.ft, with the median being Rs 4,400 per sq.ft. New Street, Majit Colony, has a 2024 guideline value that matches this median.

• New Street: Rs 3,850 per sq.ft (2024)
• N.G.O.Colony 1st Cross Street: Rs 3,850 per sq.ft (2024)
• N.G.O. Colony 1st Main Road: Rs 4,400 per sq.ft (2024)
• N.G.O. Colony 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• New Secretariate Colony Mohanapurie: Rs 4,400 per sq.ft (2024)
• N.G.O. Colony 2nd Main Road: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in New Street, Majit Colony,

For a 1,000 sq.ft plot at the current rate of Rs 4,400 per sq.ft, 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 use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers New Street, Majit Colony,?

The Sub Registrar Office that covers New Street, Majit Colony, 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 additional 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 minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property transactions.

When a property is sold, the guideline value will be used to calculate the stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price, which can impact the overall cost of the transaction.

Frequently asked questions

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

The current guideline value of New Street, Majit Colony, 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 increased from Rs 4,000 per sq.ft in 2012 to Rs 4,400 per sq.ft in 2024, reflecting a 10% increase over this period. There were no changes recorded in the 2023 revision.

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

The land classification for New Street, Majit Colony, is Residential Class II Type - II. This classification impacts the guideline value and potential uses of the land.

Where can I find the Sub Registrar Office for New Street, Majit Colony?

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

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are 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 total fees would amount to Rs 3,96,000.