Guideline Value for Simman Avenue (Vinayagapuram)

Simman Avenue (Vinayagapuram) guideline value

The current guideline value of Simman Avenue (Vinayagapuram) is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Simman Avenue (Vinayagapuram) has changed

Over the years, the guideline value for Simman Avenue has seen several revisions. The guideline value was Rs 1,200 per sq.ft in 2012, which decreased to Rs 804 per sq.ft in 2017. However, from 2017 to 2024, the value increased significantly to Rs 1,300 per sq.ft, marking a 62% rise. Overall, from 2012 to 2024, the guideline value has increased by 8%.

It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2023 for this street. The fluctuations in the guideline value reflect the changes in the real estate landscape over the years.

Guideline values in Madhavaram

The 2024 guideline values for Madhavaram show a range from Rs 1,300 to Rs 7,500 per sq.ft across 1,946 streets, with a median value of Rs 1,600 per sq.ft. Simman Avenue's 2024 guideline value is below this median.

• Simmam Nagar: Rs 1,300 per sq.ft (2024)
• Simmam Avenue (Ward-29): Rs 1,600 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 Simman Avenue (Vinayagapuram)

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

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

Which Sub Registrar Office covers Simman Avenue (Vinayagapuram)?

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

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

The guideline value plays a crucial role in property transactions in Madhavaram. It is used as a benchmark for determining the stamp duty and registration fees applicable during the sale or purchase of property. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

When registering a property, the guideline value is utilized to calculate the necessary fees, ensuring that the transaction is documented accurately. This value serves as a reference point for both parties involved in the transaction.

Frequently asked questions

What is the current guideline value of Simman Avenue (Vinayagapuram)?

The current guideline value of Simman Avenue (Vinayagapuram) 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, and then increased to Rs 1,300 per sq.ft in 2024. Overall, from 2012 to 2024, there has been an increase of 8%.

What is the land classification of Simman Avenue?

Simman Avenue is classified as Residential Class III Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for Simman Avenue?

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

How is stamp duty calculated for properties in Simman Avenue?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 91,000.