Guideline Value for Seven Wells 2nd Street

Seven Wells 2nd Street guideline value

The current guideline value of Seven Wells 2nd Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Parangimalai village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class II Type - II.

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

The guideline value for Seven Wells 2nd Street has undergone several revisions over the years. In 2002, the guideline value was Rs 386 per sq.ft, which increased to Rs 482 per sq.ft in 2003, marking a 25% rise. The value continued to grow significantly, reaching Rs 800 per sq.ft in 2007, which was a 66% increase from the previous revision. By 2012, the guideline value was Rs 3,000 per sq.ft, reflecting a substantial 275% increase from 2007. However, it then saw a decrease of 33% to Rs 2,010 per sq.ft in 2017. The value increased again to Rs 3,000 per sq.ft in 2023, and finally, it rose to Rs 3,300 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 755%. There are no figures available for revisions in 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 for Seven Wells 2nd Street is below this median.

• Seven Wells 1st 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 2nd Street

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

Which Sub Registrar Office covers Seven Wells 2nd Street?

The Sub Registrar Office that covers Seven Wells 2nd 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 further assistance.

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

The guideline value is a crucial factor when registering property transactions in Parangimalai. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on an official valuation of the property.

When buying or selling property, the guideline value helps in determining the minimum value at which the property can be registered. This ensures transparency and helps in avoiding undervaluation during transactions.

Frequently asked questions

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

The current guideline value of Seven Wells 2nd Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

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

What is the land classification for Seven Wells 2nd Street?

The land classification for Seven Wells 2nd Street is Residential Class II Type - II.

Where can I find the Sub Registrar Office for Seven Wells 2nd Street?

The Sub Registrar Office for Seven Wells 2nd Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 33,00,000, the total fees would amount to Rs 2,97,000.