Guideline Value for Block 23 AkilMedu Street

Block 23 AkilMedu Street guideline value

The current guideline value of Block 23 AkilMedu Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Ward C village under the Erode Joint I SRO and is classified as Commercial Class I Type - III.

How the guideline value of Block 23 AkilMedu Street has changed

The guideline value for Block 23 AkilMedu Street has seen several revisions over the years. The earliest recorded revision in 2002 set the value at Rs 360 per sq.ft. This figure increased to Rs 404 per sq.ft in 2003, marking a 12% rise. The value then rose to Rs 500 per sq.ft in 2007, which was a significant increase of 24%. In 2012, the value was revised to Rs 2,500 per sq.ft, showing a substantial increase of 400%. However, it decreased to Rs 1,675 per sq.ft in 2017, reflecting a drop of 33%. The value then increased to Rs 2,500 per sq.ft in 2023, before reaching the current figure of Rs 2,750 per sq.ft in 2024, which is a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 664%. There are no figures available for the revisions in years not mentioned in the register for this street.

Guideline values in Ward C

In Ward C, there are 250 streets under the Erode Joint I SRO that carry a 2024 guideline value ranging from Rs 770 to Rs 7,700 per sq.ft, with a median value of Rs 1,375 per sq.ft. The guideline value of Block 23 AkilMedu Street is above this median.

• Block 23 Brindha Street: Rs 2,750 per sq.ft (2024)
• Block 22 Venkatachalam Street: Rs 2,750 per sq.ft (2024)
• Block 22 Veerapathira Road: Rs 2,750 per sq.ft (2024)
• Block 22 Vaniyar Street (or) Kovalan Street: Rs 1,100 per sq.ft (2024)
• Block 22 Subramaniyan Street: Rs 1,375 per sq.ft (2024)
• Block 22 Sengoda Street: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Block 23 AkilMedu Street

For a 1,000 sq.ft plot at the current rate of Rs 2,750 per sq.ft, the guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. The duty is charged on the higher of the guideline value and the sale price. You can also use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Block 23 AkilMedu Street?

The Sub Registrar Office that covers Block 23 AkilMedu 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 information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Ward C. It serves as a basis for calculating stamp duty and registration fees, ensuring that these costs reflect the current market conditions as established by the Registration Department.

When a property is sold, the guideline value is used to determine the minimum value on which stamp duty is calculated. This means that buyers should be aware of the guideline value to understand their financial obligations during the transaction.

Frequently asked questions

What is the current guideline value of Block 23 AkilMedu Street?

The current guideline value of Block 23 AkilMedu Street is Rs 2,750 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 360 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, marking an overall increase of 664% over this period.

What is the land classification of Block 23 AkilMedu Street?

Block 23 AkilMedu Street is classified as Commercial Class I Type - III, indicating its suitability for commercial activities.

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

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees would be Rs 2,47,500, based on the guideline value of Rs 27,50,000.

Which office handles property registrations in this area?

The Erode Joint I Sub Registrar Office is responsible for property registrations in the area, located at Annai Sathya Nagar, Iranian Street, Rangapalayam, Erode-638009, Coimbatore registration zone.