Guideline Value for Seven Wells 1st Street

Seven Wells 1st Street guideline value

The current guideline value of Seven Wells 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Parangimalai village, under the Chennai South Joint II SRO, and is classified as Residential Class II Type - II.

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

The guideline value for Seven Wells 1st Street has undergone several revisions over the years. The earliest recorded figure is Rs 386 per sq.ft in 2002, which rose to Rs 482 per sq.ft in 2003, marking a 25% increase. By 2007, the value had significantly increased to Rs 800 per sq.ft, representing a 66% rise. The 2012 revision saw the value at Rs 3,000 per sq.ft, a substantial increase of 275% from 2007. However, the value dropped to Rs 2,010 per sq.ft in 2017, reflecting a decrease of 33%.

In the subsequent revisions, the guideline value rose to Rs 3,000 per sq.ft in 2023, an increase of 49%. The most recent revision in 2024 set the value at Rs 3,300 per sq.ft, marking a 10% increase from the previous year. There are no figures available for the years not listed in the register for this street.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 11,000 per sq.ft, with a median value of Rs 3,850 per sq.ft. The guideline value of Seven Wells 1st Street is below this median.

• Seven Wells 2nd Street: Rs 3,300 per sq.ft (2024)
• Seven Wells Poonthottam Street: Rs 3,300 per sq.ft (2024)
• Seven Wells Street: Rs 3,300 per sq.ft (2024)
• Shanmugam Colony: Rs 3,300 per sq.ft (2024)
• Sembada Street: Rs 3,850 per sq.ft (2024)
• Shripuram Colony: Rs 5,500 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, resulting in a total of Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Seven Wells 1st Street?

The Sub Registrar Office that covers Seven Wells 1st Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value is a critical factor when registering property transactions in Parangimalai. It serves as a benchmark for calculating the stamp duty and registration fees that must be paid during the transaction process.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, which is essential for legal and taxation purposes. Buyers and sellers should be aware of the current guideline value to understand their financial obligations during the registration process.

Frequently asked questions

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

The current guideline value of Seven Wells 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 386 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, showing an overall increase of 755% over the years.

What is the stamp duty for property in Seven Wells 1st Street?

The stamp duty for property in Seven Wells 1st Street is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Seven Wells 1st Street located?

The Sub Registrar Office for Seven Wells 1st Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

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

Other streets in Parangimalai with similar guideline values include Seven Wells 2nd Street, Seven Wells Poonthottam Street, Seven Wells Street, and Shanmugam Colony, all valued at Rs 3,300 per sq.ft in 2024.