Guideline Value for Luskar Street Ist Lane

Luskar Street Ist Lane guideline value

The current guideline value of Luskar Street Ist Lane is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Parangimalai village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Luskar Street Ist Lane has changed

Over the years, the guideline value of Luskar Street Ist Lane has seen several revisions. The earliest available figure is from 2012, which was Rs 3,500 per sq.ft. This was followed by a decrease to Rs 2,345 per sq.ft in 2017, marking a decline of 33%. In 2023, the value increased to Rs 3,500 per sq.ft, and in the latest revision for 2024, it rose again to Rs 3,850 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 2,750 to Rs 11,000 per sq.ft. The median value is Rs 3,850 per sq.ft, which is equal to the current guideline value of Luskar Street Ist Lane.

• Luskar Street: Rs 3,850 per sq.ft (2024)
• Luzkar Lane: Rs 3,850 per sq.ft (2024)
• Louis Convent Street: Rs 3,300 per sq.ft (2024)
• Madhammal Koil Street: Rs 2,750 per sq.ft (2024)
• Madhava Perumal Central Street: Rs 3,300 per sq.ft (2024)
• Madhava Perumal East Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Luskar Street Ist Lane

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, bringing the total to Rs 3,46,500. It is important to note that 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 Luskar Street Ist Lane?

The Sub Registrar Office that covers Luskar Street Ist Lane is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Parangimalai. It determines the minimum value at which a property can be registered and is used to calculate the stamp duty and registration fees applicable for the transaction.

When a buyer or seller engages in a property transaction, the guideline value serves as a reference point to ensure compliance with legal requirements. It is essential to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Luskar Street Ist Lane?

The current guideline value of Luskar Street Ist Lane 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 3,500 per sq.ft in 2012 to Rs 2,345 per sq.ft in 2017. It then increased to Rs 3,500 per sq.ft in 2023 and is now Rs 3,850 per sq.ft in 2024.

What is the land classification for Luskar Street Ist Lane?

The land classification for Luskar Street Ist Lane is Residential Class II Type - I.

Where can I find the Sub Registrar Office for Luskar Street Ist Lane?

The Sub Registrar Office for Luskar Street Ist Lane is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is the stamp duty calculated for properties in Luskar Street Ist Lane?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 38,50,000, the stamp duty at 7% would be Rs 2,69,500.