Guideline Value for LUZ AVENUE 1ST LANE

Luz Avenue 1st Lane guideline value

The current guideline value for Luz Avenue 1st Lane is Rs 22,000 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Special Type - II.

How the guideline value of Luz Avenue 1st Lane has changed

Over the years, the guideline value of Luz Avenue 1st Lane has seen several revisions. The 2012 revision set the value at Rs 20,000 per sq.ft, which then decreased to Rs 13,400 per sq.ft in the 2017 revision. However, this was followed by a significant increase to Rs 20,000 per sq.ft in the 2023 revision, and further up to Rs 22,000 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49%, while the overall change from 2012 to 2024 reflects a 10% rise. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO with 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 Luz Avenue 1st Lane's 2024 figure above this median.

• Luz Avenue: Rs 22,000 per sq.ft (2024)
• Luz Avenue 2nd Lane: Rs 22,000 per sq.ft (2024)
• Luthar Ford Puram: Rs 3,300 per sq.ft (2024)
• Luz Avenue Community Centre: Rs 22,000 per sq.ft (2024)
• Luz Avenue School Lane: Rs 22,000 per sq.ft (2024)
• Luz Avenue School Road: Rs 22,000 per sq.ft (2024)

Stamp duty and registration fee for property in Luz Avenue 1st Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 22,000 per sq.ft, the total guideline value would be Rs 2,20,00,000. The stamp duty at 7% would amount to Rs 15,40,000, while the registration fee at 2% would be Rs 4,40,000, bringing the total to Rs 19,80,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Luz Avenue 1st Lane?

The Luz Avenue 1st Lane is covered by the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. For more information, you can find your SRO.

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, ensuring that these fees are in line with the prevailing market conditions.

When a property is sold, the buyer and seller must consider the guideline value to ensure compliance with the legal requirements for registration. This helps in maintaining transparency and fairness in property transactions.

Frequently asked questions

What is the current guideline value of Luz Avenue 1st Lane?

The current guideline value of Luz Avenue 1st Lane is Rs 22,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 20,000 per sq.ft in 2012 to Rs 13,400 per sq.ft in 2017, then to Rs 20,000 per sq.ft in 2023, and finally to Rs 22,000 per sq.ft in 2024.

What is the land classification for Luz Avenue 1st Lane?

Luz Avenue 1st Lane is classified as Residential Special Type - II.

Where can I find the Mylapore Sub Registrar Office?

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

How is the stamp duty calculated for properties in Luz Avenue 1st Lane?

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 stamp duty would be Rs 15,40,000.