Guideline Value for Simmam Avenue (Ward-29)

Simmam Avenue (Ward-29) guideline value

The current guideline value of Simmam Avenue (Ward-29) is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village under the Madhavaram SRO, classified as Residential Class II Type - I.

How the guideline value of Simmam Avenue (Ward-29) has changed

The guideline value for Simmam Avenue has undergone several revisions over the years. In 2012, the value was set at Rs 1,500 per sq.ft, which decreased to Rs 1,005 per sq.ft in the 2017 revision. However, from 2017 to 2024, the value increased significantly to Rs 1,600 per sq.ft, marking a 59% rise. Overall, from 2012 to 2024, there has been a slight increase of 7%.

There are no figures available for the revisions in 2002, 2003, 2007, and 2023 for this street. Thus, the only revisions to consider are from 2012, 2017, and 2024.

Guideline values in Madhavaram

Madhavaram village features a range of guideline values for its streets, with the 2024 figures ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for the village is Rs 1,600 per sq.ft, which aligns with the current value of Simmam Avenue.

• Simmam Nagar: Rs 1,300 per sq.ft (2024)
• Simman Avenue (Vinayagapuram): Rs 1,300 per sq.ft (2024)
• Sigamani Nagar: Rs 1,300 per sq.ft (2024)
• Sidco Nagar: Rs 2,450 per sq.ft (2024)
• Siva Nagar: Rs 2,200 per sq.ft (2024)
• Siva Nagar Annex: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Simmam Avenue (Ward-29)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, making the total cost Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Simmam Avenue (Ward-29)?

The Sub Registrar Office that covers Simmam Avenue (Ward-29) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Madhavaram. It serves as a reference point for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the buyer must ensure that the sale price is at least equal to the guideline value to avoid any penalties. The registration office uses the guideline value to calculate the applicable fees, ensuring a transparent and standardized process for all property transactions.

Frequently asked questions

What is the current guideline value for Simmam Avenue (Ward-29)?

The current guideline value for Simmam Avenue (Ward-29) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, and then increased to Rs 1,600 per sq.ft in 2024, marking a 59% rise from 2017 to 2024.

What is the median guideline value in Madhavaram?

The median guideline value in Madhavaram is Rs 1,600 per sq.ft, which is the same as the current value for Simmam Avenue.

What are the stamp duty rates for property transactions in Simmam Avenue?

The stamp duty for property transactions in Simmam Avenue is charged at 7% of the guideline value or sale price, whichever is higher.

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.