Guideline Value for Block 12 Gandhi Nagar Colony

Block 12 Gandhi Nagar Colony guideline value

The current guideline value for Block 12 Gandhi Nagar Colony is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Ward B village, under the Erode Joint I SRO, and is classified as Residential Special Type - I.

How the guideline value of Block 12 Gandhi Nagar Colony has changed

The guideline value for Block 12 Gandhi Nagar Colony has seen several revisions over the years. Starting from the 2003 revision, the value was Rs 270 per sq.ft. This increased to Rs 400 per sq.ft in 2007, marking a significant rise of 48%. The value then surged by 400% to reach Rs 2,000 per sq.ft in 2012. However, it dropped by 33% to Rs 1,340 per sq.ft in 2017. The subsequent revision in 2023 saw an increase to Rs 2,000 per sq.ft, followed by a further increase of 10% to the current value of Rs 2,200 per sq.ft in 2024.

Overall, from 2003 to 2024, the guideline value has increased by 715%. It is important to note that there is no figure available for the year 2002 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, with a median value of Rs 1,100 per sq.ft. The guideline value for Block 12 Gandhi Nagar Colony is above this median.

• Block 12 Arun Street: Rs 1,100 per sq.ft (2024)
• Block 12 A.Ramasamy Street: Rs 1,650 per sq.ft (2024)
• Block 12 Muthukaruppan St: Rs 1,650 per sq.ft (2024)
• Block 12 N.G.G.O.Colony Road: Rs 1,100 per sq.ft (2024)
• Block 12 Poosari Chennimalai Gounder Street: Rs 1,100 per sq.ft (2024)
• Block 12 Varatharajan Street: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Block 12 Gandhi Nagar Colony

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Block 12 Gandhi Nagar Colony?

The Sub Registrar Office that covers Block 12 Gandhi Nagar Colony is the Erode Joint I Sub Registrar Office, located at Annai Sathya Nagar, Iranian Street, Rangapalayam, Erode-638009, 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 an essential factor in the property registration process in Ward B. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When buying or selling property, the guideline value is used to calculate the applicable charges, ensuring that both parties are aware of the financial obligations involved in the transaction. It is crucial to refer to the latest guideline values to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value for Block 12 Gandhi Nagar Colony?

The current guideline value for Block 12 Gandhi Nagar Colony is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 270 per sq.ft in 2003 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 715% over this period.

What is the land classification for Block 12 Gandhi Nagar Colony?

Block 12 Gandhi Nagar Colony is classified as Residential Special Type - I, which indicates its designated use for residential purposes.

What is the registration office for properties in this area?

The registration office for properties in Block 12 Gandhi Nagar Colony is the Erode Joint I Sub Registrar Office, located at Annai Sathya Nagar, Iranian Street, Rangapalayam, Erode-638009, Coimbatore registration zone.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price of the property, whichever is higher. For example, a property valued at Rs 22,00,000 would incur a stamp duty of Rs 1,54,000 and a registration fee of Rs 44,000.