Guideline Value for Block 23 Muthusamy Street

Block 23 Muthusamy Street guideline value

The current guideline value of Block 23 Muthusamy 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 it is classified as Commercial Class I Type - III.

How the guideline value of Block 23 Muthusamy Street has changed

The guideline value for Block 23 Muthusamy Street has undergone several revisions over the years. In 2002, the guideline value was Rs 1,043 per sq.ft. This increased to Rs 1,169 per sq.ft in 2003, marking a rise of 12%. The value then rose to Rs 1,250 per sq.ft in 2007, which was a 7% increase. Following this, the guideline value saw a significant increase of 100% to reach Rs 2,500 per sq.ft in 2012. However, it then decreased by 33% to Rs 1,675 per sq.ft in 2017. The value rebounded to Rs 2,500 per sq.ft in 2023, and most recently, it has increased by 10% to the current value of Rs 2,750 per sq.ft in 2024.

There are no figures available for the revisions of the guideline value for this street in the years not mentioned above.

Guideline values in Ward C

In Ward C, there are 250 streets under the Erode Joint I SRO with a 2024 guideline value ranging from Rs 770 to Rs 7,700 per sq.ft. The median value for these streets is Rs 1,375 per sq.ft, placing Block 23 Muthusamy Street's 2024 figure above that median.

• Block 23 Palanimalai Street: Rs 1,100 per sq.ft (2024)
• Block 23 SathyamangalamRoad(or) Veerapathira Road: Rs 2,750 per sq.ft (2024)
• Block 23 Brindha Street: Rs 2,750 per sq.ft (2024)
• Block 24 AkilMedu Street Part 1: Rs 2,750 per sq.ft (2024)
• Block 23 AkilMedu Street: Rs 2,750 per sq.ft (2024)
• Block 22 Venkatachalam Street: Rs 2,750 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value, the total guideline value amounts to Rs 27,50,000. The stamp duty is calculated at 7%, which comes to Rs 1,92,500, and the registration fee is charged at 2%, amounting to Rs 55,000. Therefore, the total cost for stamp duty and registration fee combined is Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Block 23 Muthusamy Street?

The Sub Registrar Office that covers Block 23 Muthusamy 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 additional assistance.

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

The guideline value plays a crucial role during the registration of property transactions in Ward C. It is used to determine the stamp duty and registration fees that are applicable when you buy or sell property in this area.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the duties and fees. This ensures that the government receives the appropriate revenue from property transactions in the region.

Frequently asked questions

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

The current guideline value of Block 23 Muthusamy 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 from Rs 1,043 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 164% over this period.

What is the land classification for Block 23 Muthusamy Street?

Block 23 Muthusamy Street is classified as Commercial Class I Type - III, which indicates its intended use for commercial purposes.

Where can I find the Sub Registrar Office for this street?

The Erode Joint I Sub Registrar Office covers Block 23 Muthusamy Street and is located at Annai Sathya Nagar, Iranian Street, Rangapalayam, Erode-638009, Coimbatore registration zone.

How is stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, if the guideline value is Rs 27,50,000, the stamp duty at 7% would be Rs 1,92,500.