Guideline Value for Block 11 N.G.G.O.Colony 1 to 8

Block 11 N.G.G.O.Colony 1 to 8 guideline value

The current guideline value for Block 11 N.G.G.O.Colony 1 to 8 is Rs 1,100 per sq.ft, effective from 1 July 2024. This area is located in Ward B village under the Erode Joint I SRO, classified as Residential Class II Type - I.

How the guideline value of Block 11 N.G.G.O.Colony 1 to 8 has changed

The guideline value for Block 11 N.G.G.O.Colony 1 to 8 has seen several revisions over the years. Starting from Rs 246 per sq.ft in 2002, the value increased to Rs 276 per sq.ft in 2003, reflecting a change of +12%. The next revision in 2007 set the value at Rs 400 per sq.ft, marking a significant increase of +45%. In 2012, the value rose to Rs 1,000 per sq.ft, which was a notable increase of +150% from the previous revision. However, in 2017, the value dropped to Rs 670 per sq.ft, indicating a decrease of -33%. The 2023 revision brought the value back up to Rs 1,000 per sq.ft, and finally, the current 2024 revision has set it at Rs 1,100 per sq.ft, reflecting an increase of +10% from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by +347%. There are no figures available for the years not listed in the register for this street.

Guideline values in Ward B

In Ward B, there are 170 streets under the Erode Joint I SRO that carry a 2024 guideline value ranging from Rs 770 to Rs 6,600 per sq.ft. The median value for these streets is Rs 1,100 per sq.ft, which is equal to the 2024 figure for Block 11 N.G.G.O.Colony 1 to 8.

• Block 11 Muthukaruppan Street: Rs 1,650 per sq.ft (2024)
• Block 11 Perundurai Road: Rs 4,400 per sq.ft (2024)
• Block 11 Power House Road: Rs 1,100 per sq.ft (2024)
• Block 11 Ramasamy Street: Rs 1,650 per sq.ft (2024)
• Block 11 Gandhi Nagar Road: Rs 2,530 per sq.ft (2024)
• Block 11 50 feet Road: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Block 11 N.G.G.O.Colony 1 to 8

For a 1,000 sq.ft plot at the current rate of Rs 1,100 per sq.ft, the 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, totaling 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 details.

Which Sub Registrar Office covers Block 11 N.G.G.O.Colony 1 to 8?

The Sub Registrar Office that covers Block 11 N.G.G.O.Colony 1 to 8 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 B

The guideline value is a crucial metric used during the registration of property transactions in Ward B. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when a property is bought or sold.

When registering a property, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the registration process is aligned with the current market standards as set by the local authorities.

Frequently asked questions

What is the current guideline value for Block 11 N.G.G.O.Colony 1 to 8?

The current guideline value for Block 11 N.G.G.O.Colony 1 to 8 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 from Rs 246 per sq.ft in 2002 to Rs 1,100 per sq.ft in 2024, reflecting an overall increase of +347% over the years.

What is the stamp duty rate for properties in this area?

The stamp duty rate for properties in Block 11 N.G.G.O.Colony 1 to 8 is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Block 11 N.G.G.O.Colony 1 to 8 is the Erode Joint I Sub Registrar Office, located at Annai Sathya Nagar, Iranian Street, Rangapalayam, Erode-638009.

What is the land classification for Block 11 N.G.G.O.Colony 1 to 8?

The land classification for Block 11 N.G.G.O.Colony 1 to 8 is Residential Class II Type - I.