Guideline Value for Solomon Nagar

Solomon Nagar guideline value

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

How the guideline value of Solomon Nagar has changed

The guideline value for Solomon Nagar has seen several revisions over the years. The earliest recorded figure is from 2012, which was Rs 2,200 per sq.ft. This was followed by a decrease to Rs 1,474 per sq.ft in 2017. The 2023 revision raised the value to Rs 2,200 per sq.ft, and the most recent revision in 2024 increased it further to Rs 2,400 per sq.ft.

From 2017 to 2023, there was a significant increase of 49%. The transition from 2023 to 2024 reflects a 9% rise. Overall, from 2012 to 2024, the guideline value has increased by 9%. It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street.

Guideline values in Selaiyur

In Selaiyur village, there are a total of 478 streets under the Selaiyur SRO carrying a 2024 guideline value ranging from Rs 850 to Rs 6,500 per sq.ft. The median value is Rs 2,200 per sq.ft, indicating that Solomon Nagar's 2024 figure is above this median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,400 per sq.ft, the overall 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, totaling Rs 2,16,000. It is essential 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 more details.

Which Sub Registrar Office covers Solomon Nagar?

The Sub Registrar Office covering Solomon Nagar 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 critical figure used during the registration of property transactions in Selaiyur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when a property is bought or sold.

When a property is registered, the guideline value is compared against the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the correct amount based on the property's value.

Frequently asked questions

What is the current guideline value of Solomon Nagar?

The current guideline value of Solomon Nagar 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 back to Rs 2,200 per sq.ft in 2023, and finally to Rs 2,400 per sq.ft in 2024.

What is the land classification of Solomon Nagar?

Solomon Nagar is classified as Residential Special Type - II, indicating its intended use for residential purposes.

What are the stamp duty and registration fees for property in Solomon Nagar?

The stamp duty is charged at 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current rate incurs a total of Rs 2,16,000 in fees.

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.