Guideline Value for Luzkar Lane

Luzkar Lane guideline value

The current guideline value of Luzkar Lane, located in Parangimalai village, is Rs 3,850 per sq.ft, effective from 1 July 2024. This falls under the Chennai South Joint II SRO and is classified as Residential Class II Type - I.

How the guideline value of Luzkar Lane has changed

The guideline value for Luzkar Lane has seen several revisions over the years. In 2002, the value was Rs 311 per sq.ft, which increased to Rs 390 per sq.ft in 2003. Following this, the value rose significantly to Rs 800 per sq.ft in 2007, marking a 105% increase. The 2012 revision saw the value remain at Rs 3,500 per sq.ft, and then it dropped to Rs 2,345 per sq.ft in 2017, reflecting a decrease of 33%.

In 2023, the guideline value increased to Rs 3,500 per sq.ft, and the most recent revision in 2024 set it at Rs 3,850 per sq.ft, which is a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 1138%.

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 aligns with the guideline value of Luzkar Lane.

• Luskar Street Ist Lane: Rs 3,850 per sq.ft (2024)
• Luskar Street: 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 Luzkar Lane

For a 1,000 sq.ft plot at the current rate of Rs 3,850 per sq.ft, 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. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Luzkar Lane?

The Sub Registrar Office covering Luzkar 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 more information.

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

The guideline value is a crucial factor during the registration process when buying or selling property in Parangimalai. It serves as a reference point for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Luzkar Lane?

The current guideline value of Luzkar 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 significantly from Rs 311 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 1138% over this period.

What are the stamp duty and registration fees for Luzkar Lane?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees would amount to Rs 3,46,500, calculated based on the guideline value of Rs 38,50,000.

Which Sub Registrar Office handles registrations for Luzkar Lane?

The Chennai South Joint II Sub Registrar Office handles registrations for Luzkar Lane, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What is the land classification for Luzkar Lane?

Luzkar Lane is classified as Residential Class II Type - I under the Chennai South Joint II SRO.