Guideline Value for Seven Wells Poonthottam Street

Seven Wells Poonthottam Street guideline value

The current guideline value of Seven Wells Poonthottam 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 it is classified as Residential Class II Type - II.

How the guideline value of Seven Wells Poonthottam Street has changed

The guideline value for Seven Wells Poonthottam Street has undergone several revisions over the years. In 2002, the value was Rs 386 per sq.ft, which increased to Rs 482 per sq.ft in 2003, marking a 25% rise. The value then saw a significant increase to Rs 800 per sq.ft in 2007, reflecting a 66% change. Following this, the value surged to Rs 3,000 per sq.ft in 2012, a remarkable 275% increase. However, it then decreased to Rs 2,010 per sq.ft in 2017, showing a decline of 33%. The value rose again to Rs 3,000 per sq.ft in 2023, and finally reached the current value of 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%. The register has no figures for the years not mentioned above.

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 Poonthottam Street is below this median.

• Seven Wells 2nd Street: Rs 3,300 per sq.ft (2024)
• Seven Wells Street: Rs 3,300 per sq.ft (2024)
• Seven Wells 1st 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 Poonthottam Street

For a 1,000 sq.ft plot at the current rate, the guideline value is 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, totaling Rs 2,97,000. 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 Poonthottam Street?

The Sub Registrar Office that covers Seven Wells Poonthottam 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 an essential factor in the property registration process in Parangimalai. It serves as a benchmark for determining the stamp duty and registration fees payable during a property transaction. Buyers and sellers should be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher.

When engaging in property transactions, it is crucial to consult the guideline value to ensure compliance with local regulations and to accurately estimate the costs involved in the registration process. Understanding the guideline value helps in making informed decisions during property dealings.

Frequently asked questions

What is the current guideline value of Seven Wells Poonthottam Street?

The current guideline value of Seven Wells Poonthottam 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 are the stamp duty and registration fees for property in this area?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000, and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which Sub Registrar Office covers this street?

The Chennai South Joint II Sub Registrar Office covers Seven Wells Poonthottam Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is the guideline value used in property transactions?

The guideline value is used to calculate the stamp duty and registration fees during property transactions. It is important to note that these fees are based on the higher of the guideline value or the sale price.