Guideline Value for Sollaiappan Street

Sollaiappan Street guideline value

The current guideline value of Sollaiappan Street in Saligramam village, under the Virugambakkam SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class III Type - I.

How the guideline value of Sollaiappan Street has changed

Starting from the 2002 revision, the guideline value for Sollaiappan Street was Rs 512 per sq.ft. This increased to Rs 559 per sq.ft in 2003, marking a 9% rise. The value saw further increments, reaching Rs 850 per sq.ft in 2007, which was a significant increase of 52%. By 2012, the value rose to Rs 3,000 per sq.ft, reflecting a 253% increase from the previous revision. However, the value decreased to Rs 2,010 per sq.ft in 2017, a drop of 33%.

In the 2023 revision, the guideline value was Rs 3,000 per sq.ft, and it increased to Rs 3,300 per sq.ft in 2024, representing a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 545%.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft, with a median of Rs 4,400 per sq.ft. The guideline value of Sollaiappan Street is below this median.

• S.K.Babu Street: Rs 3,300 per sq.ft (2024)
• South Mada Street: Rs 2,750 per sq.ft (2024)
• South Perumal Koil Lane: Rs 7,700 per sq.ft (2024)
• Shanthi Nagar: Rs 4,950 per sq.ft (2024)
• Sethu Street: Rs 3,850 per sq.ft (2024)
• Senghalvarayan Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sollaiappan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be 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 to Rs 2,97,000. 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 Sollaiappan Street?

The Sub Registrar Office covering Sollaiappan Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Saligramam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value helps in assessing the transaction's legitimacy and aids in preventing undervaluation. It is essential for both buyers and sellers to be aware of the current guideline value to ensure compliance with registration norms.

Frequently asked questions

What is the current guideline value of Sollaiappan Street?

The current guideline value of Sollaiappan Street 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 changed from Rs 512 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting a total increase of 545% over this period.

What is the median guideline value in Saligramam?

The median guideline value in Saligramam is Rs 4,400 per sq.ft, with Sollaiappan Street's value being below this median.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Where is the Sub Registrar Office for Sollaiappan Street located?

The Sub Registrar Office for Sollaiappan Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.