Guideline Value for Salom Nagar

Salom Nagar guideline value

The current guideline value of Salom Nagar is Rs 990 per sq.ft, effective from 1 July 2024. This area is located in Varadarajapuram village under the Padappai SRO and is classified as Residential Class III Type - I.

How the guideline value of Salom Nagar has changed

The guideline value for Salom Nagar has undergone several revisions over the years. In 2007, the value was Rs 120 per sq.ft, which increased significantly to Rs 900 per sq.ft in 2012, marking a 650% rise. However, it then decreased to Rs 603 per sq.ft in 2017, representing a 33% drop. The value saw a substantial increase to Rs 900 per sq.ft in 2023, and it has now risen to Rs 990 per sq.ft in the 2024 revision, reflecting a 10% increase.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 725%.

Guideline values in Varadarajapuram

In Varadarajapuram, there are 250 streets under the Padappai SRO, with guideline values ranging from Rs 880 to Rs 4,100 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, which means the guideline value of Salom Nagar is below this median.

• Sanakiyapuri Nagar: Rs 1,650 per sq.ft (2024)
• Sankar Avenue: Rs 1,320 per sq.ft (2024)
• Sai Beverly Hills Phase V: Rs 2,300 per sq.ft (2024)
• Sai Beverly Hills Phase IV: Rs 2,300 per sq.ft (2024)
• Sai Beverly Hills Phase-III: Rs 1,540 per sq.ft (2024)
• Sai Beverly Hills Phase-II: Rs 1,540 per sq.ft (2024)

Stamp duty and registration fee for property in Salom Nagar

For a 1,000 sq.ft plot at the current rate of Rs 990 per sq.ft, the guideline value amounts to Rs 9,90,000. The stamp duty at 7% would be Rs 69,300, and the registration fee at 2% would be Rs 19,800, making the total Rs 89,100. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Salom Nagar?

Salom Nagar is covered by the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Varadarajapuram. It helps determine the stamp duty and registration fees that need to be paid, ensuring compliance with the local regulations.

When buying or selling property, the guideline value serves as a reference point for the transaction value, and it is essential for both buyers and sellers to be aware of these values to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Salom Nagar?

The current guideline value of Salom Nagar is Rs 990 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 120 per sq.ft in 2007 to Rs 990 per sq.ft in 2024, marking an overall increase of 725% over the years.

What is the land classification of Salom Nagar?

Salom Nagar is classified as Residential Class III Type - I.

Where is the Padappai Sub Registrar Office located?

The Padappai Sub Registrar Office is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is the stamp duty calculated for property in Salom Nagar?

The stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a stamp duty of Rs 69,300.