Guideline Value for Seven Well Street

Seven Well Street guideline value

The current guideline value of Seven Well Street in 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 Street has changed

The guideline value for Seven Well Street has undergone several revisions over the years. In 2007, the value was Rs 1,000 per sq.ft. This figure increased significantly to Rs 5,000 per sq.ft in 2012, marking a 400% rise. However, it then decreased to Rs 3,350 per sq.ft in 2017, reflecting a decline of 33%. The value rose again to Rs 5,000 per sq.ft in 2023, and most recently, it has increased to Rs 5,500 per sq.ft in the 2024 revision, which is a 10% increase from the previous year.

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

Guideline values in Nandhambakkam

Nandhambakkam has a total of 76 streets under the Alandur SRO, with guideline values ranging from Rs 2,200 to Rs 8,300 per sq.ft as of the 2024 revision. The median guideline value for the village is Rs 3,900 per sq.ft, placing Seven Well Street's 2024 figure above this median.

• Seven Well 2nd Street: Rs 5,500 per sq.ft (2024)
• Seven Well 1st 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 Street

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

Which Sub Registrar Office covers Seven Well Street?

The Sub Registrar Office covering Seven Well 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 information.

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

The guideline value is a crucial factor in property transactions as it determines the minimum value at which a property can be registered. When buying or selling a property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that these costs are based on an official valuation.

In Nandhambakkam, the guideline value helps maintain transparency in property transactions. It provides a standardized assessment for properties, which is beneficial for both buyers and sellers in understanding the worth of a property in the current market.

Frequently asked questions

What is the current guideline value of Seven Well Street?

The current guideline value of Seven Well 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 this period.

What are the other streets in Nandhambakkam with similar guideline values?

Other streets in Nandhambakkam with similar guideline values include Seven Well 2nd Street and Seven Well 1st Street, both at Rs 5,500 per sq.ft in 2024.

What are the stamp duty and registration fees for properties in this area?

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.

Where is the Sub Registrar Office for Seven Well Street located?

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