Guideline Value for Seven Well 1st Street

Seven Well 1st Street guideline value

The current guideline value of Seven Well 1st Street, Nandhambakkam village, under the Alandur SRO, is Rs 5,500 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - I land classification.

How the guideline value of Seven Well 1st Street has changed

The guideline value for Seven Well 1st Street has seen significant changes over the years. In 2007, the value was Rs 1,000 per sq.ft, which increased dramatically to Rs 5,000 per sq.ft in 2012, marking a 400% rise. However, from 2012 to 2017, the value decreased to Rs 3,350 per sq.ft, a drop of 33%. The value then rose to Rs 5,000 per sq.ft in 2023, reflecting a 49% increase. As of 2024, the guideline value stands at Rs 5,500 per sq.ft, showing a 10% increase from the previous year.

It is important to note that the register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 450%.

Guideline values in Nandhambakkam

In Nandhambakkam, there are 76 streets under the Alandur SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 8,300 per sq.ft. The median value for these streets is Rs 3,900 per sq.ft, making the guideline value of Seven Well 1st Street above this median.

• Seven Well 2nd Street: Rs 5,500 per sq.ft (2024)
• Seven Well Street: Rs 5,500 per sq.ft (2024)
• South Mada Street: Rs 3,300 per sq.ft (2024)
• South Mada Veedhi: Rs 3,300 per sq.ft (2024)
• Samy Colony: Rs 3,900 per sq.ft (2024)
• Ramar Koil Street: Rs 5,000 per sq.ft (2024)

Stamp duty and registration fee for property in Seven Well 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, making the total cost for these fees Rs 4,95,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Seven Well 1st Street?

The Sub Registrar Office that covers Seven Well 1st Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO here.

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

The guideline value is a crucial factor during the registration of property transactions in Nandhambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, impacting the stamp duty and registration fees that buyers must pay.

When buying or selling property, the guideline value ensures that transactions are conducted transparently and fairly, preventing undervaluation of properties. Buyers should be aware of the guideline value to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Seven Well 1st Street?

The current guideline value of Seven Well 1st Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 1,000 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 450%.

What is the registration office for Seven Well 1st Street?

The registration office for Seven Well 1st Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

What are the stamp duty and registration fees for a property in Seven Well 1st Street?

For a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000, and the registration fee would be Rs 1,10,000, totaling Rs 4,95,000.

How is the guideline value used in property transactions?

The guideline value is used as a benchmark for property registration, determining the minimum value for registration and influencing the stamp duty and registration fees payable by buyers.