Guideline Value for LUZ AVENUE SCHOOL ROAD

Luz Avenue School Road guideline value

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

How the guideline value of Luz Avenue School Road has changed

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

It is important to note that the register has no figures for the years 2002 and 2003 for this street. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 1329%.

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, with a median value of Rs 8,800 per sq.ft. Luz Avenue School Road's current guideline value is above this median.

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

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

For a 1,000 sq.ft plot at the current guideline value of Rs 22,000 per sq.ft, the total 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, bringing the total fees together to Rs 19,80,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Luz Avenue School Road?

The Sub Registrar Office that covers Luz Avenue School Road 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

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 at which a property can be registered, ensuring transparency and consistency in property transactions.

When a buyer purchases a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions, reflecting the property's value in the market.

Frequently asked questions

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

The current guideline value of Luz Avenue School Road 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, with various revisions in between.

What is the land classification for Luz Avenue School Road?

Luz Avenue School Road is classified as Residential Special Type - II under the Mylapore SRO.

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 stamp duty calculated for property in Luz Avenue School Road?

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 at 7% would be Rs 15,40,000.