Guideline Value for Seven Wells Street

Seven Wells Street guideline value

The current guideline value of Seven Wells Street is Rs 4,900 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village and falls under the Sowcarpet SRO. The land classification for this area is Residential Special Type - III.

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 2007, the value was Rs 1,600 per sq.ft, which increased significantly to Rs 4,500 per sq.ft in 2012. However, it then decreased to Rs 3,015 per sq.ft in 2017. The next revision in 2023 saw a rise to Rs 4,500 per sq.ft, and the most recent revision in 2024 set the guideline value at Rs 4,900 per sq.ft. The register has no figures for the years 2002 and 2003 for this street.

Between these revisions, the changes were notable. From 2007 to 2012, the value increased by 181%. However, it then saw a decrease of 33% from 2012 to 2017. Following that, there was a substantial increase of 49% from 2017 to 2023. The overall change from 2007 to 2024 reflects a significant rise of 206%.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO, with guideline values ranging from Rs 3,800 to Rs 16,500 per sq.ft as of 2024. The median guideline value for these streets is Rs 4,400 per sq.ft, placing Seven Wells Street's 2024 figure above the median.

• Seshan Street: Rs 4,900 per sq.ft (2024)
• Shanmuga Mudali Lane: Rs 3,800 per sq.ft (2024)
• Shanmuga Mudali Street: Rs 3,800 per sq.ft (2024)
• Shanmugarayan Lane: Rs 4,400 per sq.ft (2024)
• Shanmugarayan Street: Rs 4,400 per sq.ft (2024)
• Seenu Mudali Street: Rs 4,400 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 rate of Rs 4,900 per sq.ft, the guideline value amounts to Rs 49,00,000. The stamp duty, charged at 7%, would be Rs 3,43,000, and the registration fee at 2% would be Rs 98,000, totaling Rs 4,41,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Seven Wells Street?

The Sub Registrar Office that covers Seven Wells Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Muthiyalpet. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property.

When a property is sold, the guideline value is used to calculate the fees, ensuring that the transaction is recorded accurately. This process helps maintain transparency and accountability in property dealings within the region.

Frequently asked questions

What is the current guideline value of Seven Wells Street?

The current guideline value of Seven Wells Street is Rs 4,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, starting from Rs 1,600 per sq.ft in 2007 to Rs 4,900 per sq.ft in 2024, reflecting an overall increase of 206% from 2007 to 2024.

What are the other streets in Muthiyalpet with their guideline values?

Other streets in Muthiyalpet include Seshan Street at Rs 4,900 per sq.ft, Shanmuga Mudali Lane and Street at Rs 3,800 per sq.ft, and Shanmugarayan Lane and Street at Rs 4,400 per sq.ft, among others.

What are the stamp duty and registration fees for properties in Seven Wells Street?

For a property valued at Rs 49,00,000, the stamp duty would be Rs 3,43,000 and the registration fee would be Rs 98,000, totaling Rs 4,41,000.

Which office handles the registration for Seven Wells Street?

The Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01, handles the registration for Seven Wells Street.