Guideline Value for Block 22 Chithambaram Chettiar Colony

Block 22 Chithambaram Chettiar Colony guideline value

The current guideline value of Block 22 Chithambaram Chettiar Colony is Rs 1,100 per sq.ft, effective from 1 July 2024. This property is located in Ward E village under the Erode Joint I SRO and is classified as Residential Class II Type - I.

How the guideline value of Block 22 Chithambaram Chettiar Colony has changed

The guideline value for Block 22 Chithambaram Chettiar Colony has seen several revisions over the years. The earliest recorded revision in 2002 set the value at Rs 306 per sq.ft. This figure increased to Rs 346 per sq.ft in 2003, marking a 13% rise. The value then slightly increased to Rs 350 per sq.ft in 2007, which was a marginal change of 1%.

In 2012, the guideline value was revised to Rs 1,000 per sq.ft, representing a significant increase of 186% from the previous revision. However, this value decreased by 33% to Rs 670 per sq.ft in 2017. The 2023 revision brought the value back up to Rs 1,000 per sq.ft, and the latest revision in 2024 has set the guideline value at Rs 1,100 per sq.ft, reflecting a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 259%.

Guideline values in Ward E

In Ward E, the guideline values range from Rs 770 to Rs 6,600 per sq.ft, with a median value of Rs 825 per sq.ft. The guideline value for Block 22 Chithambaram Chettiar Colony is above this median, indicating a higher valuation compared to many other streets in the ward.

• Block 22 Karuppa Gounder Street: Rs 772 per sq.ft (2024)
• Block 21 Vetnari Hospital Road: Rs 2,750 per sq.ft (2024)
• Block 22 Municipal Lane: Rs 771 per sq.ft (2024)
• Block 22 Nallappa Gounder Street: Rs 772 per sq.ft (2024)
• Block 21 Poyyerikkarai Street: Rs 771 per sq.ft (2024)
• Block 21 Perum Pallam Odai Huts: Rs 771 per sq.ft (2024)

Stamp duty and registration fee for property in Block 22 Chithambaram Chettiar Colony

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, bringing the total costs to Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Block 22 Chithambaram Chettiar Colony?

The Sub Registrar Office that covers Block 22 Chithambaram Chettiar 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 details.

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

The guideline value is a critical factor when registering property transactions in Ward E. It serves as a benchmark for determining the stamp duty and registration fees applicable during the purchase or sale of property. Buyers and sellers must consider this value to ensure compliance with legal requirements during registration.

When a property is sold, the guideline value is used to calculate the stamp duty, which is charged at a percentage of the higher of the guideline value or the sale price. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Block 22 Chithambaram Chettiar Colony?

The current guideline value for Block 22 Chithambaram Chettiar 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 306 per sq.ft in 2002 to Rs 1,100 per sq.ft in 2024, representing an overall increase of 259%.

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

The stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2%. For example, a 1,000 sq.ft plot at Rs 1,100 per sq.ft incurs a total cost of Rs 99,000 in fees.

Which office handles the registration of properties in this area?

The Erode Joint I Sub Registrar Office handles property registrations for Block 22 Chithambaram Chettiar Colony, located at Annai Sathya Nagar, Iranian Street, Rangapalayam, Erode-638009.

What is the land classification for Block 22 Chithambaram Chettiar Colony?

Block 22 Chithambaram Chettiar Colony is classified as Residential Class II Type - I, indicating its suitability for residential development.