Guideline Value for Seven Wells Street

Seven Wells Street guideline value

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

How the guideline value of Seven Wells Street has changed

The guideline value for Seven Wells Street has undergone several revisions over the years. In 2002, the value was Rs 357 per sq.ft, which increased to Rs 482 per sq.ft in 2003, marking a rise of 35%. The value then saw a significant jump to Rs 800 per sq.ft in 2007, an increase of 66%. By 2012, the value reached Rs 3,000 per sq.ft, reflecting a substantial rise of 275% from the previous revision. However, between 2012 and 2017, the value decreased to Rs 2,010 per sq.ft, a decline of 33%. The 2023 revision set the value at Rs 3,000 per sq.ft, which then increased to Rs 3,300 per sq.ft in 2024, a rise of 10%.

There are no figures available for the years not listed in the register for this street. Overall, the guideline value has increased by 824% from 2002 to 2024.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO with a 2024 guideline value ranging from Rs 2,750 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,850 per sq.ft, placing Seven Wells Street's 2024 figure below that median.

• Seven Wells Poonthottam Street: Rs 3,300 per sq.ft (2024)
• Seven Wells 2nd 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 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, while the registration fee at 2% would be Rs 66,000. The total cost for stamp duty and registration fees together would be Rs 2,97,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Seven Wells Street?

The Sub Registrar Office that covers Seven Wells 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 crucial factor when buying or selling property in Parangimalai. It is used to determine the stamp duty and registration fees that need to be paid during the transaction. Buyers must ensure that they are aware of the current guideline value to avoid any discrepancies during the registration process.

When a property is registered, the guideline value is compared to the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees. This ensures that the transaction is recorded accurately in the official records.

Frequently asked questions

What is the current guideline value of Seven Wells Street?

The current guideline value of Seven Wells 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 357 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 824% over the years.

What is the land classification for Seven Wells Street?

Seven Wells Street is classified as Residential Class II Type - II under the Chennai South Joint II SRO.

What are the stamp duty rates for property transactions?

The stamp duty rate is 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the guideline value or sale price.

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

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