Guideline Value for Simmam Nagar

Simmam Nagar guideline value

The current guideline value of Simmam Nagar, located in Madhavaram village under the Madhavaram SRO, is Rs 1,300 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class III Type - I land classification.

How the guideline value of Simmam Nagar has changed

The guideline value for Simmam Nagar has undergone several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which decreased to Rs 804 per sq.ft in the 2017 revision, marking a decline of 33%. However, the latest 2024 revision has seen a significant increase, bringing the guideline value back up to Rs 1,300 per sq.ft, which is an increase of 62% from the 2017 figure.

Overall, comparing the 2012 revision to the 2024 revision, the guideline value has increased by 8%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2023 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO with a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, which means that Simmam Nagar's current guideline value is below the median.

• Simmam Avenue (Ward-29): Rs 1,600 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 Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total cost for these fees to Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Simmam Nagar?

The Simmam Nagar area is covered by 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 is a crucial factor in the registration of property transactions in Madhavaram. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees, ensuring that these charges are calculated based on the official valuation of the property.

This system helps maintain transparency in property transactions, as the guideline value is set by the government and reflects the prevailing market conditions in the area. Buyers and sellers should be aware of these values to understand the financial implications of their transactions.

Frequently asked questions

What is the current guideline value of Simmam Nagar?

The current guideline value of Simmam Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then increased to Rs 1,300 per sq.ft in 2024. This represents a decrease of 33% from 2012 to 2017, followed by a 62% increase from 2017 to 2024.

What are the guideline values of other streets in Madhavaram?

Other streets in Madhavaram have varying guideline values, with Simmam Avenue at Rs 1,600 per sq.ft, Simman Avenue and Sigamani Nagar both at Rs 1,300 per sq.ft, and Sidco Nagar at Rs 2,450 per sq.ft, among others.

How are stamp duty and registration fees calculated in Simmam Nagar?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2%. For example, for a 1,000 sq.ft plot at Rs 1,300 per sq.ft, the total fees would be Rs 1,17,000.

Where can I find the Sub Registrar Office for Simmam Nagar?

The Sub Registrar Office covering Simmam Nagar is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find more details about your SRO online.