Guideline Value for Solidam Workers Colony

Solidam Workers Colony guideline value

The current guideline value of Solidam Workers Colony is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Zaminpallavaram village under the Pallavaram SRO, classified as Residential Class I Type - II.

How the guideline value of Solidam Workers Colony has changed

The guideline value for Solidam Workers Colony has undergone several revisions over the years. The earliest recorded figure is from 2003, where the value was Rs 192 per sq.ft. This increased significantly to Rs 600 per sq.ft in 2007, marking a 213% rise. In 2012, the value was revised to Rs 3,000 per sq.ft, which represented a substantial increase of 400% from the previous revision. However, in 2017, the value dropped to Rs 2,010 per sq.ft, a decrease of 33%. The value then rose again to Rs 3,000 per sq.ft in 2023, before reaching the current figure of Rs 3,300 per sq.ft in the 2024 revision, which is a 10% increase from the previous year.

Overall, from the 2003 revision to the 2024 revision, the guideline value has increased by 1619%. It is important to note that there is no recorded figure for Solidam Workers Colony in the 2002 revision.

Guideline values in Zaminpallavaram

In Zaminpallavaram, there are 638 streets under the Pallavaram SRO, with the 2024 guideline values ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, which is the same as the current guideline value for Solidam Workers Colony.

• Somasundaram Street: Rs 3,300 per sq.ft (2024)
• Somasundaram Street (Part): Rs 3,300 per sq.ft (2024)
• South Street: Rs 3,300 per sq.ft (2024)
• Siva Shanmugam Cross Street: Rs 3,300 per sq.ft (2024)
• Sivasanmugam Street: Rs 2,160 per sq.ft (2024)
• Sivasankaran Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Solidam Workers Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost for these fees to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Solidam Workers Colony?

The Sub Registrar Office that covers Solidam Workers Colony is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property transactions in Zaminpallavaram. It serves as a benchmark for calculating the stamp duty and registration fees applicable to the property being bought or sold. Buyers and sellers should be aware that the guideline value is used to determine the official valuation of the property during registration.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, reflecting the market conditions as per the latest revisions. This helps in maintaining transparency and consistency in property transactions within the region.

Frequently asked questions

What is the current guideline value of Solidam Workers Colony?

The current guideline value of Solidam Workers Colony is Rs 3,300 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 192 per sq.ft in 2003 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 1619% over this period.

What are the stamp duty and registration fees for properties in Solidam Workers Colony?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 33,00,000, the total fees would amount to Rs 2,97,000.

Which office handles property registrations for Solidam Workers Colony?

The Pallavaram Sub Registrar Office is responsible for property registrations in Solidam Workers Colony, located at 7th Main Road, New Colony, Chromepet, Chennai.

What is the significance of the guideline value in property transactions?

The guideline value is essential for determining the official valuation of properties during registration, influencing the stamp duty and registration fees applicable to the transaction.