Guideline Value for Simathamman Colony

Simathamman Colony guideline value

The current guideline value of Simathamman Colony, located in Maduravoyal village under the Virugambakkam SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class V Type - I.

How the guideline value of Simathamman Colony has changed

The guideline value for Simathamman Colony has seen several revisions over the years. In 2002, the value was Rs 88 per sq.ft, which increased to Rs 97 per sq.ft in 2003, marking a 10% rise. The value then saw a significant increase to Rs 300 per sq.ft in 2007, representing a 209% change. From 2007 to 2012, the value rose dramatically to Rs 2,000 per sq.ft, reflecting a 567% increase. However, it dropped to Rs 1,340 per sq.ft in 2017, showing a decrease of 33%.

In 2023, the guideline value was revised to Rs 2,000 per sq.ft, and then it increased to Rs 2,200 per sq.ft in 2024, which is a 10% rise. Overall, from 2002 to 2024, the guideline value has increased by 2400%.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median value for these streets is Rs 3,050 per sq.ft, placing Simathamman Colony's current value below this median.

• Singaravel Nagar (Pallavan Nagar Cross Street Near): Rs 3,050 per sq.ft (2024)
• SHRI KRISHNA NAGAR Annexe: Rs 3,850 per sq.ft (2024)
• SHRI KRISHNA NAGAR 9th Street: Rs 3,850 per sq.ft (2024)
• SHRI KRISHNA NAGAR 8th Street: Rs 3,850 per sq.ft (2024)
• SHRI KRISHNA NAGAR 7th Street: Rs 3,850 per sq.ft (2024)
• SHRI KRISHNA NAGAR 6th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Simathamman Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, making the total charges Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Simathamman Colony?

The Sub Registrar Office that covers Simathamman Colony is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Maduravoyal. It determines the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value serves as a reference point for both buyers and sellers. It is essential to be aware of the current guideline value to ensure compliance with registration requirements and to understand the financial implications of the transaction.

Frequently asked questions

What is the current guideline value of Simathamman Colony?

The current guideline value of Simathamman Colony is Rs 2,200 per sq.ft, effective from 1 July 2024.

How often does the guideline value change?

The guideline value is revised periodically, with the most recent revisions occurring in the years 2024, 2023, 2017, 2012, 2007, 2003, and 2002.

What was the guideline value in 2017?

The guideline value of Simathamman Colony in 2017 was Rs 1,340 per sq.ft.

What is the land classification of Simathamman Colony?

Simathamman Colony is classified as Residential Class V Type - I.

Where can I find the Sub Registrar Office for Simathamman Colony?

The Virugambakkam Sub Registrar Office covers Simathamman Colony and is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.