Guideline Value for SOLAIYAPPAN STREET

Solaiyappan Street guideline value

The current guideline value of Solaiyappan Street is Rs 8,200 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class IV Type - I.

How the guideline value of Solaiyappan Street has changed

The guideline value for Solaiyappan Street has undergone several revisions over the years. In 2002, the guideline value was Rs 823 per sq.ft. This increased to Rs 915 per sq.ft in 2003, marking an increase of 11%. The value continued to rise, reaching Rs 1,540 per sq.ft in 2007, a significant increase of 68%. However, in 2012, the value was revised to Rs 7,500 per sq.ft, which was a decrease of 33% from the previous figure.

In 2017, the guideline value saw a substantial increase to Rs 5,025 per sq.ft, reflecting a 49% rise. The most recent revision occurred in 2023, where the value was set at Rs 7,500 per sq.ft. The current guideline value of Rs 8,200 per sq.ft, effective from July 2024, represents a 9% increase from the 2023 figure. Overall, from 2002 to 2024, the guideline value has increased by 896%.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, placing Solaiyappan Street's 2024 figure below this median.

• Sonachala Mudali Street: Rs 7,100 per sq.ft (2024)
• Slettar Puram: Rs 3,300 per sq.ft (2024)
• Soorsa Makkan 1st & 11th Lane: Rs 3,300 per sq.ft (2024)
• South Canal Bank Road: Rs 7,100 per sq.ft (2024)
• South Canal Bank Road 2nd Street: Rs 4,900 per sq.ft (2024)
• South Kesavaperumalpuram 1st Cross Street: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Solaiyappan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,200 per sq.ft, the total guideline value would be Rs 82,00,000. The stamp duty at 7% would amount to Rs 5,74,000, while the registration fee at 2% would be Rs 1,64,000. Together, the total cost for stamp duty and registration fee would be Rs 7,38,000. Please 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 further assistance.

Which Sub Registrar Office covers Solaiyappan Street?

The Sub Registrar Office that covers Solaiyappan Street is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Mylapore. It serves as a benchmark for determining the minimum value at which properties can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is sold, the registration office uses the guideline value to calculate the applicable stamp duty and registration fees. This ensures that the transaction reflects the official valuation set by the authorities, safeguarding the interests of both parties involved in the sale.

Frequently asked questions

What is the current guideline value of Solaiyappan Street?

The current guideline value of Solaiyappan Street is Rs 8,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, starting from Rs 823 per sq.ft in 2002 to the current Rs 8,200 per sq.ft in 2024, representing an overall increase of 896%.

What is the land classification for Solaiyappan Street?

Solaiyappan Street is classified as Residential Class IV Type - I under the Mylapore SRO.

What are the stamp duty and registration fees for properties in Solaiyappan Street?

The stamp duty is 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot, the total cost for stamp duty and registration would be Rs 7,38,000.

Where is the Sub Registrar Office for Solaiyappan Street located?

The Mylapore Sub Registrar Office is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.