Guideline Value for Soloman Street 1st Lane

Soloman Street 1st Lane guideline value

The current guideline value of Soloman Street 1st Lane is Rs 2,400 per sq.ft, effective from 1 July 2024. This street is located in Selaiyur village, under the Selaiyur SRO, and is classified as Residential Special Type - II.

How the guideline value of Soloman Street 1st Lane has changed

Over the years, the guideline value of Soloman Street 1st Lane has seen several revisions. The 2012 revision set the value at Rs 2,200 per sq.ft, which was later revised to Rs 1,474 per sq.ft in 2017, marking a decrease of 33%. However, from 2017 to 2023, the value increased significantly to Rs 2,200 per sq.ft, reflecting a rise of 49%. The most recent 2024 revision has further increased the value to Rs 2,400 per sq.ft, a change of 9% from the previous year.

The register does not contain figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 9%.

Guideline values in Selaiyur

In Selaiyur, there are 478 streets under the Selaiyur SRO that carry a 2024 guideline value, ranging from Rs 850 to Rs 6,500 per sq.ft. The median guideline value is Rs 2,200 per sq.ft, and Soloman Street 1st Lane's 2024 figure of Rs 2,400 per sq.ft is above this median.

• Soloman Street: Rs 2,400 per sq.ft (2024)
• Soloman Street 1st Street: Rs 2,400 per sq.ft (2024)
• Soloman Street Extn: Rs 2,400 per sq.ft (2024)
• Solomon Nagar: Rs 2,400 per sq.ft (2024)
• Sowbakiya Lakshmi Street: Rs 950 per sq.ft (2024)
• Sivan Street: Rs 1,400 per sq.ft (2024)

Stamp duty and registration fee for property in Soloman Street 1st Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 2,400 per sq.ft, the total guideline value amounts to Rs 24,00,000. The stamp duty at 7% would be Rs 1,68,000, and the registration fee at 2% would be Rs 48,000, making the total fees together Rs 2,16,000. It is important to note that the 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 Soloman Street 1st Lane?

The Sub Registrar Office that covers Soloman Street 1st Lane is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp to Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone.

To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process for property transactions in Selaiyur. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, it is essential to be aware of the guideline value, as it can impact the overall transaction costs. Buyers should ensure that they are informed about the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Soloman Street 1st Lane?

The current guideline value of Soloman Street 1st Lane is Rs 2,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, with the most recent increase from Rs 2,200 per sq.ft in 2023 to Rs 2,400 per sq.ft in 2024, a rise of 9%. The value was Rs 1,474 per sq.ft in 2017 and Rs 2,200 per sq.ft in 2012.

What is the land classification for Soloman Street 1st Lane?

Soloman Street 1st Lane is classified as Residential Special Type - II, which indicates its intended use for residential purposes.

What fees are associated with buying property in Soloman Street 1st Lane?

When buying property, the stamp duty is charged at 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot at the current rate, the total fees would amount to Rs 2,16,000.

Where can I find the Sub Registrar Office for Soloman Street 1st Lane?

The Selaiyur Sub Registrar Office covers Soloman Street 1st Lane and is located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073. You can find more information about your SRO online.