Guideline Value for Soloman Street

Soloman Street guideline value

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

How the guideline value of Soloman Street has changed

The guideline value for Soloman Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,200 per sq.ft, which was then reduced to Rs 1,474 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 2,200 per sq.ft, and the most recent 2024 revision has raised it further to Rs 2,400 per sq.ft.

From the 2017 revision to the 2023 revision, there was a significant increase of 49%. The change from 2023 to 2024 reflects a 9% increase. Overall, from the 2012 revision to the 2024 revision, 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 in this area is Rs 2,200 per sq.ft, positioning Soloman Street's 2024 figure above this median.

• Soloman Street 1st Lane: 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

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, and the registration fee at 2% would be Rs 48,000, bringing the total cost together to 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.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Soloman Street?

The Sub Registrar Office that covers Soloman 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 during the registration of property transactions in Selaiyur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the fair value of the property. It is important for both buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Soloman Street?

The current guideline value of Soloman 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 2012 to Rs 1,474 per sq.ft in 2017, then increased to Rs 2,200 per sq.ft in 2023, and finally to Rs 2,400 per sq.ft in 2024.

What are the stamp duty and registration fees for properties on Soloman Street?

The stamp duty for a property valued at Rs 24,00,000 would be Rs 1,68,000, and the registration fee would be Rs 48,000, totaling Rs 2,16,000.

Which Sub Registrar Office handles the registration for Soloman Street?

The Selaiyur Sub Registrar Office handles the registration for Soloman Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

Where can I find more information about guideline values in Selaiyur?

For more information about guideline values in Selaiyur, you can refer to the Registration Department's guideline value register (TNReginet).