Guideline Value for Sowbakiya Lakshmi Street

Sowbakiya Lakshmi Street guideline value

The current guideline value of Sowbakiya Lakshmi Street is Rs 950 per sq.ft, effective from 1 July 2024. This street is located in Selaiyur village, under the Selaiyur SRO, and is classified as Residential Class IV Type - II.

How the guideline value of Sowbakiya Lakshmi Street has changed

The guideline value for Sowbakiya Lakshmi Street has undergone several revisions over the years. The earliest recorded revision in 2007 set the value at Rs 600 per sq.ft. This increased to Rs 900 per sq.ft in 2012, representing a 50% rise. However, by 2017, the value decreased to Rs 603 per sq.ft, marking a decline of 33%. The value then saw significant growth, reaching Rs 900 per sq.ft in 2023, which was a 49% increase from the previous revision. The current guideline value of Rs 950 per sq.ft from the 2024 revision reflects a 6% increase from the 2023 figure.

It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 58%.

Guideline values in Selaiyur

In Selaiyur, there are 478 streets under the Selaiyur SRO that carry a guideline value for 2024, 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, indicating that Sowbakiya Lakshmi Street's 2024 figure is below the median.

• Solomon Nagar: Rs 2,400 per sq.ft (2024)
• 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)
• Sivan Street: Rs 1,400 per sq.ft (2024)

Stamp duty and registration fee for property in Sowbakiya Lakshmi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 950 per sq.ft, the total guideline value amounts to Rs 9,50,000. The stamp duty is charged at 7%, which equals Rs 66,500, while the registration fee is 2%, amounting to Rs 19,000. Together, the total cost for stamp duty and registration fee would be Rs 85,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sowbakiya Lakshmi Street?

The Sub Registrar Office that covers Sowbakiya Lakshmi 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 plays a crucial role in the registration process when buying or selling property in Selaiyur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher.

Understanding the guideline value is essential for both parties involved in a property transaction, as it ensures compliance with local regulations and helps in accurately assessing the financial implications of the sale. It is advisable to check the latest guideline values before proceeding with any property dealings.

Frequently asked questions

What is the current guideline value of Sowbakiya Lakshmi Street?

The current guideline value of Sowbakiya Lakshmi Street is Rs 950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2007 to Rs 950 per sq.ft in 2024, showing an overall increase of 58% over the years.

What are the stamp duty and registration fees for property transactions?

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 stamp duty and registration fee would be Rs 85,500.

Which Sub Registrar Office covers this street?

The Sub Registrar Office for Sowbakiya Lakshmi Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

What is the land classification for Sowbakiya Lakshmi Street?

Sowbakiya Lakshmi Street is classified as Residential Class IV Type - II, indicating its use for residential purposes.