Guideline Value for Block 1 New State Bank colony

Block 1 New State Bank colony guideline value

The current guideline value of Block 1 New State Bank colony is Rs 1,100 per sq.ft, effective from 1 July 2024. This property is located in Ward A village under the Erode Joint I SRO and is classified as Residential Class II Type - I.

How the guideline value of Block 1 New State Bank colony has changed

Over the years, the guideline value for Block 1 New State Bank colony has seen significant changes. The first recorded figure is from the 2003 revision, which was Rs 310 per sq.ft. This increased to Rs 400 per sq.ft in 2007, marking a rise of 29%. The 2012 revision saw a substantial increase to Rs 1,000 per sq.ft, reflecting a 150% jump. However, the value dropped to Rs 670 per sq.ft in 2017, a decrease of 33%. The value then rose sharply to Rs 1,000 per sq.ft in 2023, an increase of 49%, before reaching the current value of Rs 1,100 per sq.ft in the 2024 revision, which is a 10% increase.

The register does not provide a figure for the year 2002 for this street. Overall, from 2003 to 2024, the guideline value has increased by 255%.

Guideline values in Ward A

In Ward A, there are 111 streets under the Erode Joint I SRO that carry a 2024 guideline value ranging from Rs 770 to Rs 6,600 per sq.ft, with a median value of Rs 1,375 per sq.ft. The guideline value for Block 1 New State Bank colony is below this median.

• Block 1 O.M.R.Colony: Rs 1,100 per sq.ft (2024)
• Block 1 Madhavakadu Layout: Rs 770 per sq.ft (2024)
• Block 1 Krishnapalayam Road 1,2,3: Rs 1,100 per sq.ft (2024)
• Block 1 Pumping station road 1 to 4: Rs 825 per sq.ft (2024)
• Block 1 Krishnampalayam Harijan Colony: Rs 770 per sq.ft (2024)
• Block 1 Samiyappa Street 1 2 3 Main Road: Rs 770 per sq.ft (2024)

Stamp duty and registration fee for property in Block 1 New State Bank colony

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value amounts to Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, making the total charges Rs 99,000. 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 Block 1 New State Bank colony?

The Sub Registrar Office that covers Block 1 New State Bank colony is the Erode Joint I Sub Registrar Office, located at Annai Sathya Nagar, Iranian Street, Rangapalayam, Erode-638009, in the Coimbatore registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Ward A. It serves as a benchmark to determine the minimum value at which properties can be registered, ensuring transparency and fairness in property dealings.

When buying or selling property, the guideline value influences the amount of stamp duty and registration fees payable. Buyers must consider this value as it affects the overall cost of property transactions.

Frequently asked questions

What is the current guideline value for Block 1 New State Bank colony?

The current guideline value for Block 1 New State Bank colony is Rs 1,100 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 310 per sq.ft in 2003 to Rs 1,100 per sq.ft in 2024, reflecting an overall increase of 255% over this period.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 11,00,000, the stamp duty would be Rs 77,000 and the registration fee would be Rs 22,000, totaling Rs 99,000.

Where is the Sub Registrar Office for Block 1 New State Bank colony located?

The Sub Registrar Office is located at Annai Sathya Nagar, Iranian Street, Rangapalayam, Erode-638009, under the Coimbatore registration zone.

What is the land classification for Block 1 New State Bank colony?

Block 1 New State Bank colony is classified as Residential Class II Type - I, indicating its suitability for residential purposes.