Guideline Value for LUZ AVENUE

Luz Avenue guideline value

The current guideline value of Luz Avenue 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 has changed

The guideline value of Luz Avenue has seen significant changes over the years. In 2002, the value was Rs 2,564 per sq.ft, which increased to Rs 2,848 per sq.ft in 2003, marking an 11% rise. By 2007, the value surged to Rs 3,430 per sq.ft, reflecting a 20% increase. The value then experienced a massive jump to Rs 20,000 per sq.ft in 2012, a remarkable 483% increase. However, it dropped to Rs 13,400 per sq.ft in 2017, a decrease of 33%. The most recent revision in 2024 brought the value to Rs 22,000 per sq.ft, representing a 64% increase from 2017.

There is no guideline value figure for Luz Avenue in the 2023 revision. Overall, from 2002 to 2024, the guideline value has increased by 758%.

Guideline values in Mylapore

In Mylapore village, 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 value is Rs 8,800 per sq.ft, placing Luz Avenue's 2024 figure significantly above this median.

• Luthar Ford Puram: Rs 3,300 per sq.ft (2024)
• Luz Avenue 1st Lane: Rs 22,000 per sq.ft (2024)
• Luz Avenue 2nd Lane: Rs 22,000 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

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 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?

The Sub Registrar Office that covers Luz Avenue 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 stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is compared with the sale price, and the duty is charged on the higher of the two. This ensures that the government receives appropriate revenue based on the property's value.

Frequently asked questions

What is the current guideline value of Luz Avenue?

The current guideline value of Luz Avenue 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, increasing from Rs 2,564 per sq.ft in 2002 to Rs 22,000 per sq.ft in 2024, which is an overall increase of 758%.

What is the land classification of Luz Avenue?

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

What are the stamp duty and registration fees for property in Luz Avenue?

The stamp duty is charged at 7% on the guideline value, and the registration fee is 2%. For a property valued at Rs 2,20,00,000, the total fees would be Rs 19,80,000.

Which Sub Registrar Office covers Luz Avenue?

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