Guideline Value for Soloman Street 1st Street

Soloman Street 1st Street guideline value

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

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

The guideline value for Soloman Street 1st Street has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 2,400 per sq.ft, an increase from Rs 2,200 per sq.ft in 2023, marking a change of +9%. Prior to that, in 2017, the value was Rs 1,474 per sq.ft, which means there was a significant increase of +49% from 2017 to 2023. The 2012 revision recorded the value at Rs 2,200 per sq.ft, indicating a decrease of -33% from 2012 to 2017. Overall, from 2012 to 2024, the guideline value increased by +9%.

The register does not have figures for the years 2002, 2003, and 2007 for this street. The 2012 revision was the first recorded figure for Soloman Street 1st Street, and since then, the values have seen fluctuations as noted above.

Guideline values in Selaiyur

In Selaiyur village, 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 for these streets is Rs 2,200 per sq.ft, placing Soloman Street 1st Street's 2024 figure above that median.

• Soloman Street 1st Lane: Rs 2,400 per sq.ft (2024)
• Soloman Street Extn: Rs 2,400 per sq.ft (2024)
• Soloman Street: 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 Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,400 per sq.ft, the total guideline value would be Rs 24,00,000. The stamp duty at 7% would amount to Rs 1,68,000, while the registration fee at 2% would be Rs 48,000, leading to a total of Rs 2,16,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for precise calculations based on your property details.

Which Sub Registrar Office covers Soloman Street 1st Street?

The Sub Registrar Office that covers Soloman Street 1st Street 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. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Selaiyur, as it determines the minimum value at which properties can be registered. When buying or selling, the guideline value helps establish the stamp duty and registration fees that need to be paid at the time of registration.

Buyers and sellers should be aware that the guideline value may differ from the actual sale price. The higher of the two values will be used to calculate the applicable duties and fees, ensuring compliance with the regulations set by the Registration Department.

Frequently asked questions

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

The current guideline value of Soloman Street 1st Street 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 from Rs 2,200 per sq.ft in 2023 to Rs 2,400 per sq.ft in 2024, a +9% increase. It was Rs 1,474 per sq.ft in 2017, showing a +49% increase from 2017 to 2023.

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

The land classification for Soloman Street 1st Street is Residential Special Type - II.

Where is the Selaiyur Sub Registrar Office located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is the stamp duty calculated for properties in Selaiyur?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 24,00,000, the stamp duty at 7% would be Rs 1,68,000.