Guideline Value for Police Lane Quarters

Police Lane Quarters guideline value

The current guideline value of Police Lane Quarters is Rs 3,850 per sq.ft, effective from 1 July 2024. This area is located in Maduravoyal village, under the Virugambakkam SRO, and is classified as Residential Class I Type - I.

How the guideline value of Police Lane Quarters has changed

The guideline value for Police Lane Quarters has seen several revisions over the years. The earliest available figure is from 2007, where the value was Rs 750 per sq.ft. This increased significantly to Rs 3,500 per sq.ft in 2012, marking a rise of 367%. However, by 2017, the value dropped to Rs 2,345 per sq.ft, a decrease of 33%. The value then rose again to Rs 3,500 per sq.ft in 2023, and finally to Rs 3,850 per sq.ft in 2024, reflecting a 10% increase.

From 2017 to 2023, the increase was substantial at 49%. Overall, from 2007 to 2024, the guideline value has increased by 413%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median guideline value for the area is Rs 3,050 per sq.ft, making the current value of Police Lane Quarters above this median.

• Pon Nagar: Rs 3,050 per sq.ft (2024)
• Pillayar Koil Street: Rs 2,750 per sq.ft (2024)
• Pillayar Koil 5th Cross Street: Rs 2,750 per sq.ft (2024)
• Pillayar Koil 4th Main Road: Rs 2,750 per sq.ft (2024)
• Pillayar Koil 4th Cross Street: Rs 2,750 per sq.ft (2024)
• Pillayar Koil 3rd Main Road: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Police Lane Quarters

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, totaling Rs 3,46,500. 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 Police Lane Quarters?

The Police Lane Quarters is covered by the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Maduravoyal. It serves as a benchmark for determining the stamp duty and registration fees payable during the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two values is used to calculate the applicable duties and fees. This ensures that the registration reflects the true value of the property being transferred.

Frequently asked questions

What is the current guideline value of Police Lane Quarters?

The current guideline value of Police Lane Quarters is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 750 per sq.ft in 2007 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 413% over the years.

What is the median guideline value in Maduravoyal?

The median guideline value in Maduravoyal is Rs 3,050 per sq.ft, with Police Lane Quarters currently above this median at Rs 3,850 per sq.ft.

What are the stamp duty rates for property in Police Lane Quarters?

The stamp duty rate for property transactions in Police Lane Quarters is 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Police Lane Quarters located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.