Guideline Value for PRO QUARTERS

Pro Quarters guideline value

The current guideline value of Pro Quarters, located in Mylapore village under the Mylapore SRO, is Rs 7,100 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class IV Type - III land classification.

How the guideline value of Pro Quarters has changed

The guideline value for Pro Quarters has seen significant changes over the years. In 2002, the guideline value was Rs 827 per sq.ft, which increased to Rs 919 per sq.ft in 2003, marking an increase of 11%. The value then surged dramatically to Rs 6,500 per sq.ft in 2012, reflecting a staggering increase of 607%. The guideline value remained unchanged at Rs 6,500 per sq.ft until 2023, when it was revised to Rs 6,500 per sq.ft again. The most recent revision in 2024 has set the guideline value at Rs 7,100 per sq.ft, which is a 9% increase from the previous year.

It is important to note that there are no figures available for the years 2007 and 2017 for this street. Overall, from 2002 to 2024, the guideline value has increased by 759%.

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 guideline value for these streets is Rs 8,800 per sq.ft, placing Pro Quarters' 2024 figure below that median.

• P.S.Sivasami Salai (C.I.T. 1st Cross Street To North End Of The Road): Rs 17,600 per sq.ft (2024)
• Ps Sivasamy Iyer 1st Lane: Rs 13,200 per sq.ft (2024)
• Ps Sivasamy Iyer 1st Street: Rs 13,200 per sq.ft (2024)
• Ps Sivasamy Iyer 2nd Lane: Rs 13,200 per sq.ft (2024)
• Ps. Sivasamy Iyer Street (From R.H. Road To Cit Colony 1st Cross Street): Rs 22,000 per sq.ft (2024)
• Prithivi Avenue: Rs 17,600 per sq.ft (2024)

Stamp duty and registration fee for property in Pro Quarters

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value amounts to Rs 71,00,000. The stamp duty at 7% would be Rs 4,97,000, while the registration fee at 2% would be Rs 1,42,000, bringing the total cost for these fees to Rs 6,39,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Pro Quarters?

The Sub Registrar Office that covers Pro Quarters is 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 more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Mylapore. It serves as a benchmark for determining the minimum value of a property for the purpose of calculating stamp duty and registration fees.

When a property is registered, the guideline value is compared to the sale price, and the higher amount is used to calculate applicable duties. This ensures that the transaction is recorded accurately in accordance with the prevailing regulations.

Frequently asked questions

What is the current guideline value of Pro Quarters?

The current guideline value of Pro Quarters is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 827 per sq.ft in 2002 to Rs 7,100 per sq.ft in 2024, representing an overall increase of 759% over this period.

What is the land classification for Pro Quarters?

Pro Quarters falls under the Residential Class IV Type - III land classification.

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

For a property valued at Rs 71,00,000, the stamp duty would be Rs 4,97,000 and the registration fee would be Rs 1,42,000, totaling Rs 6,39,000 in fees.

Which office handles registrations for Pro Quarters?

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