Guideline Value for SELVAM GARDEN

Selvam Garden guideline value

The current guideline value of Selvam Garden, located in Sholavaram village under the Redhills SRO, is Rs 550 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class III Type - I.

How the guideline value of Selvam Garden has changed

The guideline value for Selvam Garden has undergone several revisions over the years. In 2012, the value was set at Rs 500 per sq.ft, which then decreased to Rs 335 per sq.ft in 2017. Following this, the value increased significantly to Rs 500 per sq.ft in 2023, and currently, it stands at Rs 550 per sq.ft from the 2024 revision. The register has no figure for this street in 2002, 2003, and 2007.

Between the revisions, there have been notable changes. From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, it rose by 49%. The latest change from 2023 to 2024 reflects a 10% increase, resulting in an overall increase of 10% from 2012 to 2024.

Guideline values in Sholavaram

In Sholavaram, there are 98 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 515 to Rs 3,500 per sq.ft, with a median value of Rs 660 per sq.ft. The guideline value of Selvam Garden is below this median.

• Selliamman Street: Rs 550 per sq.ft (2024)
• Sakthi Avenue: Rs 550 per sq.ft (2024)
• Sai Balaji Nagar: Rs 660 per sq.ft (2024)
• Sri Amman Nagar: Rs 770 per sq.ft (2024)
• Sri Chengalamman Garden: Rs 550 per sq.ft (2024)
• Sridhar Nagar: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in Selvam Garden

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value amounts to Rs 5,50,000. The stamp duty at 7% would be Rs 38,500, and the registration fee at 2% would be Rs 11,000, making the total cost for these fees Rs 49,500. It is important to 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 details.

Which Sub Registrar Office covers Selvam Garden?

The Sub Registrar Office that covers Selvam Garden is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. To find your specific SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Sholavaram. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Selvam Garden?

The current guideline value of Selvam Garden is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2012 to Rs 335 per sq.ft in 2017, then increased to Rs 500 per sq.ft in 2023, and is now Rs 550 per sq.ft in 2024.

What is the land classification for Selvam Garden?

Selvam Garden is classified as Residential Class III Type - I.

Where can I find the Sub Registrar Office for Selvam Garden?

The Sub Registrar Office for Selvam Garden is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is the stamp duty calculated for property in Selvam Garden?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a plot valued at Rs 5,50,000, the stamp duty at 7% would be Rs 38,500.