Guideline Value for Luskar Street

Luskar Street guideline value

The current guideline value of Luskar Street 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 has changed

The guideline value for Luskar Street has undergone several revisions over the years. In 2002, the guideline value was Rs 389 per sq.ft. This increased to Rs 487 per sq.ft in 2003, marking a rise of 25%. The value continued to grow, reaching Rs 800 per sq.ft in 2007, an increase of 64%. However, from 2007 to 2012, the value decreased to Rs 3,500 per sq.ft, a decline of 338%. The 2017 revision saw a significant increase to Rs 2,345 per sq.ft, which was a 49% rise from the previous figure. The guideline value then rose to Rs 3,500 per sq.ft in 2023, before reaching the current value of Rs 3,850 per sq.ft in 2024, reflecting a 10% increase.

There are no figures available for the revisions in years other than those listed. Overall, from 2002 to 2024, the guideline value has increased by 890%.

Guideline values in Parangimalai

In Parangimalai village, 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 value of Luskar Street.

• Luskar Street Ist Lane: 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

For a 1,000 sq.ft plot at the current rate, the guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, totaling Rs 3,46,500. Duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Luskar Street?

The Sub Registrar Office that covers Luskar Street 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 more information.

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

The guideline value is a crucial factor in property transactions in Parangimalai. It serves as a benchmark for determining the stamp duty and registration fees applicable during the sale or purchase of property. Buyers and sellers need to be aware of the guideline value to ensure compliance with legal requirements during registration.

When a property is sold, the guideline value is compared to the sale price. The higher of the two values is used to calculate the applicable duties and fees, which is essential for both parties involved in the transaction. Understanding the guideline value helps in making informed decisions during property dealings.

Frequently asked questions

What is the current guideline value of Luskar Street?

The current guideline value of Luskar Street 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 significantly from Rs 389 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, marking an overall increase of 890%.

What is the land classification for Luskar Street?

The land classification for Luskar Street is Residential Class II Type - I, indicating its designation for residential use.

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

The Sub Registrar Office for Luskar Street 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?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, on a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fee would amount to Rs 3,46,500.