Guideline Value for Block 12 N.G.G.O.Colony Road

Block 12 N.G.G.O.Colony Road guideline value

The current guideline value of Block 12 N.G.G.O.Colony Road is Rs 1,100 per sq.ft, effective from 1 July 2024. This property is located in Ward B village under the Erode Joint I SRO and is classified as Residential Class II Type - I.

How the guideline value of Block 12 N.G.G.O.Colony Road has changed

The guideline value for this street has undergone several revisions over the years. In 2002, the value was Rs 231 per sq.ft, which increased to Rs 259 per sq.ft in 2003, marking a 12% rise. The value then saw a significant increase to Rs 400 per sq.ft in 2007, which was a 54% change. Following this, the 2012 revision set the value at Rs 1,000 per sq.ft, reflecting a substantial 150% increase from the previous figure.

In 2017, the guideline value was revised to Rs 670 per sq.ft, indicating a decrease of 33%. However, this trend reversed in 2023, with the value rising to Rs 1,000 per sq.ft, and then further increasing to Rs 1,100 per sq.ft in the 2024 revision, which is a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 376%. There are no figures available for revisions in years not listed.

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 of Block 12 N.G.G.O.Colony Road is equal to this median.

• Block 12 Muthukaruppan St: Rs 1,650 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)
• Block 12 Gandhi Nagar Colony: Rs 2,200 per sq.ft (2024)
• Block 12 Arun Street: Rs 1,100 per sq.ft (2024)
• Block 12 A.Ramasamy Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Block 12 N.G.G.O.Colony Road

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value would be Rs 11,00,000. The stamp duty at 7% would amount to 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 12 N.G.G.O.Colony Road?

The Sub Registrar Office that covers Block 12 N.G.G.O.Colony Road 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 critical factor during the registration of property transactions in Ward B. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When a property is registered, the guideline value is compared to the sale price, and the higher amount 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 for Block 12 N.G.G.O.Colony Road?

The current guideline value for Block 12 N.G.G.O.Colony Road 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 231 per sq.ft in 2002 to Rs 1,100 per sq.ft in 2024, showing an overall increase of 376% across the years.

What are the stamp duty and registration fees for this property?

For a 1,000 sq.ft plot, the total guideline value is 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.

Which office handles the registration for this area?

The registration for Block 12 N.G.G.O.Colony Road is handled by the Erode Joint I Sub Registrar Office, located at Annai Sathya Nagar, Iranian Street, Rangapalayam, Erode-638009.

What is the land classification for Block 12 N.G.G.O.Colony Road?

The land classification for Block 12 N.G.G.O.Colony Road is Residential Class II Type - I, which indicates its designated use for residential purposes.