Guideline Value for Seven Well 2nd Street

Seven Well 2nd Street guideline value

The current guideline value of Seven Well 2nd Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Nandhambakkam village, under the Alandur SRO, and is classified as Residential Class I Type - I.

How the guideline value of Seven Well 2nd Street has changed

The guideline value for Seven Well 2nd Street has seen several revisions over the years. Starting from Rs 1,000 per sq.ft in 2007, it increased significantly to Rs 5,000 per sq.ft in 2012, reflecting a rise of 400%. However, it then decreased to Rs 3,350 per sq.ft in 2017, marking a decline of 33%. The value then increased substantially to Rs 5,000 per sq.ft in 2023, a rise of 49%, before reaching the current value of Rs 5,500 per sq.ft in 2024, which is a 10% increase from the previous year.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 450%.

Guideline values in Nandhambakkam

Nandhambakkam has 76 streets under the Alandur SRO, with guideline values in 2024 ranging from Rs 2,200 to Rs 8,300 per sq.ft. The median value is Rs 3,900 per sq.ft, and Seven Well 2nd Street's 2024 figure of Rs 5,500 per sq.ft is above this median.

• Seven Well 1st 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 2nd Street

For a 1,000 sq.ft plot at the current rate of Rs 5,500 per sq.ft, the guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, while the registration fee at 2% would be Rs 1,10,000. Together, the total cost would be Rs 4,95,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Seven Well 2nd Street?

The Sub Registrar Office that covers Seven Well 2nd 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 for more details.

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

The guideline value is a crucial factor in the registration of property transactions in Nandhambakkam. It serves as the minimum value on which stamp duty and registration fees are calculated, ensuring that the government receives appropriate revenue from property sales.

When buying or selling property, the guideline value helps in determining the fair amount of tax to be paid during the registration process. Buyers should be aware of the current guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Seven Well 2nd Street?

The current guideline value of Seven Well 2nd 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 from Rs 1,000 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 450% over the years.

What is the median guideline value in Nandhambakkam?

The median guideline value in Nandhambakkam is Rs 3,900 per sq.ft, while Seven Well 2nd Street's value is above this median at Rs 5,500 per sq.ft.

What are the stamp duty rates for properties in Seven Well 2nd Street?

The stamp duty for properties in Seven Well 2nd Street is charged at a rate of 7% on the guideline value or the sale price, whichever is higher.

Where is the Alandur Sub Registrar Office located?

The Alandur Sub Registrar Office is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.