Guideline Value for NEW POLICE QUARTERS

New Police Quarters guideline value

The current guideline value of New Police Quarters is Rs 7,700 per sq.ft, effective from 1 July 2024. This area is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class IV Type - II.

How the guideline value of New Police Quarters has changed

Over the years, the guideline value for New Police Quarters has seen significant changes. The earliest recorded revision was in 2002, with a guideline value of Rs 498 per sq.ft. This increased to Rs 554 per sq.ft in 2003, marking an increase of 11%. The next major revision occurred in 2012, where the value rose dramatically to Rs 7,000 per sq.ft, reflecting an increase of 1164% from 2003. The most recent revision in 2024 sets the guideline value at Rs 7,700 per sq.ft, which is a 10% increase from the 2012 figure.

It is important to note that there are no recorded figures for the years 2007, 2017, and 2023 for this street. Overall, from 2002 to 2024, the guideline value has increased by 1446%.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, placing the New Police Quarters guideline value below this median.

• New Street (Mylapore): Rs 8,800 per sq.ft (2024)
• NEW STREET (Near Lloyds Road 3rd Street [Vallalar Flats]): Rs 7,700 per sq.ft (2024)
• Nimmo Street: Rs 8,800 per sq.ft (2024)
• Nithiyanandam Street: Rs 8,800 per sq.ft (2024)
• Nochikkuppam Slum: Rs 3,300 per sq.ft (2024)
• Nochikkuppam Tnscb Tenements: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in New Police Quarters

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value amounts to Rs 77,00,000. The stamp duty at 7% would be Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, totaling Rs 6,93,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers New Police Quarters?

The New Police Quarters is covered by the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. You can find your SRO for additional information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Mylapore. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When registering a property, the guideline value will be considered alongside the actual sale price. The higher of the two will be used to calculate the applicable duties and fees, ensuring that all transactions are conducted in accordance with the established regulations.

Frequently asked questions

What is the current guideline value for New Police Quarters?

The current guideline value for New Police Quarters is Rs 7,700 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased significantly from Rs 498 per sq.ft in 2002 to Rs 7,700 per sq.ft in 2024, which is an overall increase of 1446%.

What are the stamp duty and registration fees for property in New Police Quarters?

For a property valued at Rs 77,00,000, the stamp duty would be Rs 5,39,000 and the registration fee would be Rs 1,54,000, totaling Rs 6,93,000.

Which office handles registrations for New Police Quarters?

The Mylapore Sub Registrar Office handles registrations for New Police Quarters, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

Are there other streets in Mylapore with different guideline values?

Yes, there are other streets in Mylapore with varying guideline values. For example, New Street (Mylapore) has a guideline value of Rs 8,800 per sq.ft, while Nochikkuppam Slum has a value of Rs 3,300 per sq.ft.