Guideline Value for Solayamman 1st Street

Solayamman 1st Street guideline value

The current guideline value of Solayamman 1st Street is Rs 2,500 per sq.ft, effective from 1 July 2024. This street is located in Erukancherry village under the Madhavaram SRO, classified as Residential Class III Type - I.

How the guideline value of Solayamman 1st Street has changed

In the 2012 revision, the guideline value was Rs 2,300 per sq.ft. This figure saw a significant decrease to Rs 1,541 per sq.ft in the 2017 revision, marking a -33% change. The value then increased to Rs 2,300 per sq.ft in the 2023 revision, followed by a rise to Rs 2,500 per sq.ft in the 2024 revision, reflecting a +9% change.

From 2017 to 2023, the guideline value increased by +49%. Overall, from 2012 to 2024, there has been a +9% change in the guideline value. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Erukancherry

In Erukancherry village, there are 376 streets under the Madhavaram SRO carrying a 2024 guideline value ranging from Rs 1,900 to Rs 3,800 per sq.ft, with a median value of Rs 2,500 per sq.ft. The guideline value of Solayamman 1st Street is equal to this median.

• Solayamman 2nd Street: Rs 2,500 per sq.ft (2024)
• Solaiamman Street: Rs 2,500 per sq.ft (2024)
• Soolpunalkarai Dr.Ambedkar Street: Rs 3,000 per sq.ft (2024)
• Soolpunalkarai Jeevanantham Street: Rs 2,500 per sq.ft (2024)
• Sivashankaran Street (Kennedy Nagar): Rs 2,500 per sq.ft (2024)
• Sivashankaran Street: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Solayamman 1st Street

For a 1,000 sq.ft plot at the current rate, the guideline value is Rs 25,00,000. The stamp duty at 7% would be Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, totaling Rs 2,25,000. 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 Solayamman 1st Street?

The Sub Registrar Office that covers Solayamman 1st Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a reference point used during the registration of property transactions. It helps determine the stamp duty and registration fees applicable to the sale or purchase of property.

When buying or selling property in Erukancherry, the guideline value ensures that the transaction is recorded at a fair value, which is crucial for legal and taxation purposes. It is essential to be aware of the current guideline value to avoid discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Solayamman 1st Street?

The current guideline value of Solayamman 1st Street is Rs 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,300 per sq.ft in 2012 to Rs 1,541 per sq.ft in 2017, then increased to Rs 2,300 per sq.ft in 2023, and finally to Rs 2,500 per sq.ft in 2024.

What is the land classification for Solayamman 1st Street?

Solayamman 1st Street is classified as Residential Class III Type - I.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for property transactions?

Stamp duty is calculated based on 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 1,75,000.