Guideline Value for Solomon Street

Solomon Street guideline value

The current guideline value of Solomon Street is Rs 1,320 per sq.ft, effective from 1 July 2024. This street is located in Tambaram village and falls under the Tambaram Joint 1 SRO, classified as Residential Class II Type - I.

How the guideline value of Solomon Street has changed

The guideline value for Solomon Street has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 1,200 per sq.ft. This was followed by a decrease in the 2017 revision to Rs 804 per sq.ft, marking a decline of 33%. The value then increased significantly to Rs 1,200 per sq.ft in the 2023 revision, and further rose to Rs 1,320 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year.

There are no figures available for Solomon Street in the revisions from 2002, 2003, and 2007. Overall, comparing the 2012 revision to the 2024 revision, there has been a 10% increase in the guideline value.

Guideline values in Tambaram

In Tambaram, there are 360 streets under the Tambaram Joint 1 SRO that have a 2024 guideline value ranging from Rs 880 to Rs 8,250 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, meaning Solomon Street's guideline value is below this median.

• South Street: Rs 3,300 per sq.ft (2024)
• Siva Shanmugam Pillai Street: Rs 6,600 per sq.ft (2024)
• Sivaraj Street 1st Junction: Rs 2,200 per sq.ft (2024)
• Sivaraj Street: Rs 2,200 per sq.ft (2024)
• Sivanantham Street: Rs 5,500 per sq.ft (2024)
• Sivanantham Colony: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Solomon Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value would be Rs 13,20,000. The stamp duty at 7% would amount to Rs 92,400, and the registration fee at 2% would be Rs 26,400, making the total cost for these fees Rs 1,18,800. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Solomon Street?

Solomon Street is covered by the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, 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 Tambaram

The guideline value is a crucial factor when registering a property in Tambaram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction process. Buyers and sellers must be aware of the guideline value to ensure compliance with local regulations.

When a property is sold, the guideline value is used to assess the official value of the property for tax purposes. This means that the buyer may have to pay stamp duty based on the guideline value, which can sometimes be higher than the actual sale price.

Frequently asked questions

What is the current guideline value of Solomon Street?

The current guideline value of Solomon Street is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then back to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,320 per sq.ft in 2024.

What is the land classification of Solomon Street?

Solomon Street is classified as Residential Class II Type - I, which indicates its suitability for residential development.

Where can I find the Sub Registrar Office for Solomon Street?

The Sub Registrar Office for Solomon Street is the Tambaram Joint 1 SRO, located at No.26, Mes Road, East Tambaram, Chennai-600059.

How is the stamp duty calculated for properties in Solomon Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, on a property valued at Rs 13,20,000, the stamp duty at 7% would be Rs 92,400.