Guideline Value for SIMSON ROAD

Simson Road guideline value

The current guideline value of Simson Road in Okkiyamthuraipakkam village is Rs 3,900 per sq.ft, effective from 1 July 2024. This area falls under the Neelankarai SRO and is classified as Residential Class I Type - II.

How the guideline value of Simson Road has changed

The guideline value for Simson Road has undergone several revisions over the years. In 2012, the guideline value was Rs 3,500 per sq.ft, which decreased to Rs 2,345 per sq.ft in 2017. Following this, the value increased significantly to Rs 3,500 per sq.ft in 2023, and then to Rs 3,900 per sq.ft in 2024, marking an increase of 11% from the previous year.

Between 2017 and 2023, there was a notable increase of 49%. However, from 2012 to 2017, the value decreased by 33%. Overall, from 2012 to 2024, the guideline value has increased by 11%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value is Rs 3,300 per sq.ft, placing Simson Road's 2024 figure above this median.

• Shanthi Nikethan Colony: Rs 3,300 per sq.ft (2024)
• Shantham Avenue: Rs 3,300 per sq.ft (2024)
• Shanmuga Avenue: Rs 1,700 per sq.ft (2024)
• Sowdeeshwari Nagar 1st Main Road: Rs 3,900 per sq.ft (2024)
• Sowdeeshwari Nagar 1st Street: Rs 3,300 per sq.ft (2024)
• Sowdeeshwari Nagar 2nd Main Road: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Simson Road

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value would be Rs 39,00,000. The stamp duty at 7% would amount to Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, totaling Rs 3,51,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Simson Road?

The Sub Registrar Office that covers Simson Road is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is an essential factor in the registration process when buying or selling property in Okkiyamthuraipakkam. It determines the stamp duty and registration fees that need to be paid, ensuring that the transaction is officially recorded.

When a property is sold, the guideline value is used to assess the applicable fees, and it must be adhered to during the registration process. Buyers and sellers should be aware of the current guideline value to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Simson Road?

The current guideline value of Simson Road is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2023 to Rs 3,900 per sq.ft in 2024, an increase of 11%. It was Rs 2,345 per sq.ft in 2017, showing a significant increase of 49% by 2023.

What is the land classification of Simson Road?

Simson Road is classified as Residential Class I Type - II. This classification is important for understanding the type of development allowed in the area.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is stamp duty calculated for property in Simson Road?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a plot of 1,000 sq.ft at the current guideline value, the total stamp duty would be Rs 2,73,000.