Guideline Value for Block 22 Vela Street

Block 22 Vela Street guideline value

The current guideline value of Block 22 Vela Street is Rs 825 per sq.ft, effective from 1 July 2024. This street is located in Ward B village under the Erode Joint I SRO and falls under the Residential Class II Type - II land classification.

How the guideline value of Block 22 Vela Street has changed

The guideline value for Block 22 Vela Street has undergone several revisions over the years. The earliest recorded figure is from 2002, where the guideline value was Rs 325 per sq.ft. This increased to Rs 365 per sq.ft in 2003, marking a 12% rise. The value further increased to Rs 400 per sq.ft in 2007, representing a 10% change. In 2012, the value remained at Rs 750 per sq.ft, but then saw a significant drop to Rs 502 per sq.ft in 2017, which was a decrease of 33%. The guideline value rose again to Rs 750 per sq.ft in 2023, before reaching the current figure of Rs 825 per sq.ft in 2024, which is a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 154%. There are no figures available for the revisions in the years not mentioned 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 22 Vela Street is below this median.

• Block 22 Thanakodi Lay Out: Rs 771 per sq.ft (2024)
• Block 22 Sri Ranga Naicker Street: Rs 771 per sq.ft (2024)
• Block 22 S.K.C.Road: Rs 1,100 per sq.ft (2024)
• Block 23 Deva Street: Rs 770 per sq.ft (2024)
• Block 23 Giramadai 1 to 5: Rs 770 per sq.ft (2024)
• Block 23 Karuppana Samy Kovil Street: Rs 771 per sq.ft (2024)

Stamp duty and registration fee for property in Block 22 Vela Street

For a 1,000 sq.ft plot at the current guideline value of Rs 825 per sq.ft, the total guideline value would be Rs 8,25,000. The stamp duty at 7% would amount to Rs 57,750, while the registration fee at 2% would be Rs 16,500. Together, these fees would total Rs 74,250. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Block 22 Vela Street?

The Sub Registrar Office that covers Block 22 Vela Street 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 details.

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

The guideline value plays a crucial role when buying or selling property in Ward B. It is used to determine the stamp duty and registration fees that need to be paid during the registration process. Buyers should be aware that the guideline value is the basis for calculating these fees, ensuring transparency in property transactions.

When a property is registered, 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 government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value for Block 22 Vela Street?

The current guideline value for Block 22 Vela Street is Rs 825 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 325 per sq.ft in 2002 to Rs 825 per sq.ft in 2024, reflecting an overall increase of 154% over this period.

What is the stamp duty rate for property in Block 22 Vela Street?

The stamp duty rate for property in Block 22 Vela Street is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Block 22 Vela Street located?

The Sub Registrar Office for Block 22 Vela Street is located at Annai Sathya Nagar, Iranian Street, Rangapalayam, Erode-638009, Coimbatore registration zone.

What are the other streets in Ward B with their guideline values?

Other streets in Ward B include Block 22 Thanakodi Lay Out and Block 22 Sri Ranga Naicker Street, both valued at Rs 771 per sq.ft in 2024, and Block 22 S.K.C.Road valued at Rs 1,100 per sq.ft in 2024.