Guideline Value for LUZ AVENUE SCHOOL LANE

Luz Avenue School Lane guideline value

The current guideline value of Luz Avenue School Lane is Rs 22,000 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village and falls under the Mylapore SRO. The land classification for this area is Residential Special Type - II.

How the guideline value of Luz Avenue School Lane has changed

The guideline value for Luz Avenue School Lane has seen significant changes over the years. In the 2007 revision, the value was Rs 1,540 per sq.ft. This increased dramatically to Rs 20,000 per sq.ft in the 2012 revision, marking a rise of 1199%. However, in the 2017 revision, the value decreased to Rs 13,400 per sq.ft, a decline of 33%. The value then rose to Rs 20,000 per sq.ft in 2023, which was a 49% increase. The most recent revision in 2024 set the value at Rs 22,000 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that the register does not have figures for Luz Avenue School Lane for the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 1329%.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO that have a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft, with a median value of Rs 8,800 per sq.ft. Luz Avenue School Lane's 2024 guideline value is significantly above this median.

• Luz Avenue Community Centre: Rs 22,000 per sq.ft (2024)
• Luz Avenue School Road: Rs 22,000 per sq.ft (2024)
• Luz Avenue 2nd Lane: Rs 22,000 per sq.ft (2024)
• Luz Chruch Road: Rs 22,000 per sq.ft (2024)
• Luz Avenue 1st Lane: Rs 22,000 per sq.ft (2024)
• Luz Church 1st Lane: Rs 13,200 per sq.ft (2024)

Stamp duty and registration fee for property in Luz Avenue School Lane

For a 1,000 sq.ft plot at the current rate of Rs 22,000 per sq.ft, the guideline value amounts to Rs 2,20,00,000. The stamp duty at 7% would be Rs 15,40,000, and the registration fee at 2% would be Rs 4,40,000, totaling 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 details.

Which Sub Registrar Office covers Luz Avenue School Lane?

The Sub Registrar Office that covers Luz Avenue School Lane 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 information.

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

When buying or selling property in Mylapore, the guideline value plays a crucial role in determining the stamp duty and registration fees. The guideline value is used to assess the value of the property for registration purposes and ensures that the fees are calculated based on a standardized value set by the authorities.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly impacts the financial obligations during the property transaction process. Understanding these values helps in making informed decisions while registering property in Mylapore.

Frequently asked questions

What is the current guideline value of Luz Avenue School Lane?

The current guideline value of Luz Avenue School 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 significantly, from Rs 1,540 per sq.ft in 2007 to Rs 22,000 per sq.ft in 2024, marking a total increase of 1329% over the years.

What is the land classification for Luz Avenue School Lane?

The land classification for Luz Avenue School Lane is Residential Special Type - II, indicating its designated use within the area.

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 School Lane?

The stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 2,20,00,000, the stamp duty would be Rs 15,40,000 at 7%.