Guideline Value for Solaiappan 1st lane

Solaiappan 1st lane guideline value

The current guideline value of Solaiappan 1st lane is Rs 2,200 per sq.ft, effective from 1 July 2024. This lane is located in Tondaiarpet village, under the jurisdiction of the Royapuram SRO, and is classified as Residential Class I Type - I.

How the guideline value of Solaiappan 1st lane has changed

Over the years, the guideline value of Solaiappan 1st lane has seen several revisions. The earliest recorded figure is from 2007, where it was Rs 900 per sq.ft. This increased to Rs 2,000 per sq.ft in 2012, marking a significant rise of 122%. However, in 2017, the value dropped to Rs 1,340 per sq.ft, which was a decrease of 33%. The value then rose again to Rs 2,000 per sq.ft in 2023, and currently stands at Rs 2,200 per sq.ft as of the 2024 revision, reflecting an increase of 10% from the previous year. Notably, the register has no figures for the years 2002 and 2003 for this street.

In summary, from 2007 to 2024, the overall increase in the guideline value is 144%. The value has fluctuated significantly, with a notable rise of 49% from 2017 to 2023, followed by a 10% increase in the latest revision.

Guideline values in Tondaiarpet

In Tondaiarpet, there are 1384 streets under the Royapuram SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 10,100 per sq.ft, with a median value of Rs 1,600 per sq.ft. Solaiappan 1st lane's 2024 figure of Rs 2,200 per sq.ft is above this median.

• Solaiappan 2nd lane: Rs 2,200 per sq.ft (2024)
• Solaiappan 3rd lane: Rs 2,200 per sq.ft (2024)
• Solaiappan Street: Rs 2,200 per sq.ft (2024)
• S.no 2996/1 to 10: Rs 10,100 per sq.ft (2024)
• South Mada Church Street: Rs 2,200 per sq.ft (2024)
• South Railway Lane: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Solaiappan 1st lane

For a property measuring 1,000 sq.ft at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty, charged at 7%, would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000. Together, this brings the total cost to Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Solaiappan 1st lane?

The Solaiappan 1st lane falls under the Royapuram Sub Registrar Office, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021. You can find your SRO for more information.

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

The guideline value is an essential factor in property transactions in Tondaiarpet. It serves as a benchmark for determining the minimum value at which properties can be registered. This value is crucial for calculating stamp duty and registration fees, ensuring that the transaction is legally recognized.

When buying or selling property, the guideline value is used to assess the financial obligations involved in the transaction. Buyers should be aware that the duty is calculated based on the higher of the guideline value or the sale price, which can significantly impact the overall costs associated with the purchase.

Frequently asked questions

What is the current guideline value of Solaiappan 1st lane?

The current guideline value of Solaiappan 1st lane is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 900 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 144% over the years.

What is the land classification for Solaiappan 1st lane?

Solaiappan 1st lane is classified as Residential Class I Type - I.

Where can I find the registration office for this area?

The registration office for Solaiappan 1st lane is the Royapuram Sub Registrar Office, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021.

How is stamp duty calculated for properties in Solaiappan 1st lane?

Stamp duty for properties in Solaiappan 1st lane is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.